Citigroup to pay US$100 million in rate-rigging settlement
The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren
NEW YORK: Citigroup Inc has agreed to pay US$100 million to settle charges by most U.S. states that it rigged the Libor benchmark interest rate to boost profit at the expense of investors.The settlement was announced by New York State Attorney General Barbara Underwood, whose office has led a probe by 41 U.S. states and Washington, D.C. into rate manipulation by banks.
Libor is short for the London Interbank Offered Rate.(Reporting by Jonathan Stempel in New York)
Source : http://www.channelnewsasia.com/news/business/citigroup-to-pay-us-100-million-in-rate-rigging-settlement-10437276