More than a dozen global banks settled in a U.S. court over claims that they participated in a conspiracy to rig benchmark Singapore interest rates.
13 banks agreed to pay $91 million to resolve civil antitrust claims of Singapore rate rigging, according to a «Reuters» report citing a U.S. court filing.
Combined with the previous settling defendants, 19 banks paid a total of $155 million in related settlements including Bank of America, Barclays, BNP Paribas, UBS, Credit Suisse, Deutsche Bank, HSBC, ING, Citibank and J.P. Morgan.
A complaint was first filed in 2016 in a Manhattan federal court which accused the defendant banks of rigging the Singapore Interbank Offered Rate (SIBOR) – widely used to price banking products – and Singapore Swap Offered Rate.
