Seven Banks to Pay $324 Million to Resolve ISDAfix Claims
- Bank of America, Barclays, Citigroup, Credit Suisse settle
- Investors claimed banks colluded in setting benchmark rate
This article is for subscribers only.
Seven banks including Bank of America Corp., Barclays Bank Plc and Citigroup Inc. agreed to pay $324 million to settle claims they conspired to rig the ISDAfix benchmark, which is used in the sale of interest-rate derivatives and other financial instruments.
The settlements follow a ruling by U.S. District Judge Jesse Furman in Manhattan rejecting the banks’ request that he throw out the claims. Furman said in March that a group of investors led by an Alaska pension fund had raised “plausible allegations that a conspiracy among the defendants existed” and allowed the suit to go forward.