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CITIGROUP (C)
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Citi, Deutsche Bank, HSBC agree to pay $132 million to settle Libor claims

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10/13/2017 | 12:32am CEST

(Reuters) - Citigroup Inc (>> Citigroup), Deutsche Bank AG (>> Deutsche Bank) and HSBC Holdings Plc (>> HSBC Holdings) have agreed to pay a combined $132 million to settle a U.S. class action brought by futures traders accusing them of manipulating the Libor benchmark interest rate, according to a U.S. court filing on Wednesday.

(Reuters) - Citigroup Inc (>> Citigroup), Deutsche Bank AG (>> Deutsche Bank) and HSBC Holdings Plc (>> HSBC Holdings) have agreed to pay a combined $132 million to settle a U.S. class action brought by futures traders accusing them of manipulating the Libor benchmark interest rate, according to a U.S. court filing on Wednesday.

Citi, Deutsche Bank and HSBC agreed to pay $33.4 million, $80 million and $18.5 million, respectively, according to the filing in Manhattan federal court. The settlements must be approved by U.S. District Judge Naomi Reice Buchwald.

The money would go to proposed classes consisting of anyone who traded in Eurodollar futures on exchanges, including but not limited to the Chicago Mercantile Exchange, between Jan. 1, 2003 and May 31, 2011, according to the filing.

"We are pleased the matter is resolved," said HSBC spokesman Rob Sherman.

Citi and Deutsche Bank could not immediately be reached for comment. A lawyer for the plaintiffs declined to comment.

Banks use Libor, or the London Interbank Offered Rate, to set rates on hundreds of trillions of dollars of credit card, mortgage, student loan and other transactions, and to determine the cost of borrowing from one another.

The futures traders' lawsuit is among many brought by various investors in Manhattan court accusing banks of colluding to rig rates or prices in various financial and commodities markets.

Rate rigging has led to billions of dollars of regulatory fines against banks worldwide.

(Reporting By Brendan Pierson in New York; editing by Diane Craft)

By Brendan Pierson

Stocks treated in this article : Citigroup, Deutsche Bank, HSBC Holdings
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP 0.33% 69.22 Delayed Quote.-6.97%
DEUTSCHE BANK -0.54% 10.256 Delayed Quote.-35.40%
HSBC HOLDINGS -0.42% 715.1 Delayed Quote.-6.75%
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Financials ($)
Sales 2018 74 026 M
EBIT 2018 30 725 M
Net income 2018 16 615 M
Debt 2018 -
Yield 2018 2,17%
P/E ratio 2018 10,48
P/E ratio 2019 9,27
Capi. / Sales 2018 2,38x
Capi. / Sales 2019 2,29x
Capitalization 176 B
Chart CITIGROUP
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Citigroup Technical Analysis Chart | C | US1729674242 | 4-Traders
Technical analysis trends CITIGROUP
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 82,4 $
Spread / Average Target 19%
EPS Revisions
Managers
NameTitle
Michael Louis Corbat Chief Executive Officer & Director
James Anthony Forese President & CEO-Institutional Clients Group
Michael E. O'Neill Chairman
Don Callahan Head-Operations & Technology
John C. Gerspach Chief Financial Officer
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