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HSBC, UBS settle U.S. rate-rigging litigation; 10 banks' total payout tops $408 million

Reuters  |  NEW YORK 

NEW YORK (Reuters) - HSBC Holdings Plc and UBS Group AG have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market.The preliminary settlements were disclosed in filings on Tuesday in the U.S. District Court in Manhattan and require a judge's approval. They boost the total payout from 10 settling banks to $408.5 million. HSBC and UBS denied wrongdoing.Several pension funds and municipalities had accused 14 banks of conspiring to rig the ISDAfix benchmark for their own gain from at ...

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First Published: Wed, July 12 2017. 03:25 IST
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