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22 July 2017 - Deutsche Bank & JPMorgan pay US$148m to settle US yen Libor cases
Deutsche Bank
Source - http://in.reuters.com/article/us-libor-yen-deutschebank-jpmorgan-idINKBN1A7006
Where - United States of America
Cost - 148,000,000 USD
Business line - Trading and Sales

Deutsche Bank and JPMorgan will pay a combined total of US$148m to draw a line under a class-action lawsuit brought against them by disgruntled investors for alleged benchmark interest rate manipulation.

The case claimed they colluded with other banks in order to manipulate the yen Libor and Euroyen Tibor benchmark interest rates between 2006 and 2010.

The preliminary settlements still require a judge’s approval but equate to US$77m for Deutsche Bank and US$71m for JPMorgan.

Citigroup and HSBC also paid out to settle similar litigation last year, in a combined total settlement of US$58m.

More than 20 banks have been accused of manipulating futures contracts linked to yen Libor and Euroyen Tibor to benefit their own positions. Plaintiffs in the case include the California State Teachers’ Retirement System and hedge fund Hayman Capital Management.

Neither bank has admitted any wrongdoing in the settlement.