13 banks settle Singapore rate case for $91 million & More News Here

A Bank of America brand is pictured within the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri

(Reuters) – Thirteen banks have agreed to pay $91 million to resolve civil antitrust claims that they participated in a conspiracy to rig benchmark Singapore rates of interest, including to a settlement with six different monetary establishments and pushing the overall offers quantity to greater than $155 million.

Plaintiffs legal professionals representing funding funds that sued the banks stated within the newest proposed settlement on May 27 that banks together with Bank of America NA, Barclays Bank Plc, BNP Paribas SA and UBS AG had agreed to resolve claims.

Earlier settling defendants included Credit Suisse AG, Deutsche Bank AG, The Hongkong and Shanghai Banking Corp Ltd, ING Bank NV, Citibank NA and JPMorgan Chase & Co.

The criticism filed in Manhattan federal court docket in 2016 accused defendant banks of rigging the Singapore Interbank Offered Rate (SIBOR) and Singapore Swap Offered Rate. The SIBOR is broadly used for pricing banking merchandise. The proposed class consists of patrons and sellers of SIBOR derivatives.

Representatives from the banks on Tuesday both declined to remark or didn’t instantly return messages asking for remark.

(*13*)The banks have denied any legal responsibility.

Lawyers for Bank of America, Barclays, BNP Paribas and UBS didn’t instantly reply to messages looking for touch upon Tuesday.

Vincent Briganti of Lowey Dannenberg, representing the plaintiffs, on Tuesday didn’t instantly return a message looking for remark.

“Representative plaintiffs have used every available resource to ensure that these negotiated settlements are more than fair,” Dannenberg advised U.S. District Judge Alvin Hellerstein in a court docket submitting.

Dannenberg stated the proposed settlements signify “28% to 43% of total class-wide damages, assuming representative plaintiffs successfully litigated this case through trial.”

The plaintiffs’ legal professionals stated they plan to hunt as much as one-third of the overall settlement for authorized charges, or about $51.8 million.

The case is Fund Liquidation Holdings LLC v. Citibank NA, U.S. District Court for the Southern District of New York, No. 1:16-cv-05263-AKH.

Read extra:

JPMorgan Chase, 5 different banks pays $64 mln to settle Singapore rate case

Our Standards: The Thomson Reuters Trust Principles.

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