Bank Agrees To Pay Settlement To End LIBOR Manipulation Case

HSBC Bank plc ("HSBC") agreed to pay $100 million to settle a class action lawsuit concerning charges of LIBOR manipulation. The class of investors ("plaintiffs") alleged that they had purchased financial products from various banks that engaged in a conspiracy to manipulate the U.S. dollar LIBOR.

In a motion filed in the U.S. District Court for the Southern District of New York, the plaintiffs requested that the Court approve a motion for settlement with HSBC. HSBC is the fourth bank to settle charges related to these claims. In addition to the settlement payment, HSBC agreed to provide the plaintiffs with a detailed account of the U.S. dollar LIBOR determination process at HSBC, as well as transaction information and documents HSBC provided to government regulators.