July/August 2016

Seven Banks to Pay $324MM in Rate Rigging Case

Seven of the world’s biggest banks have agreed to pay $324 million to settle claims they conspired to rig an interest rate benchmark used in the derivatives market. ABF Journal illustrator Jerry Gonzalez envisions the judgement day.



Final Cut July August 2016
Bloomberg reported seven of the world’s biggest banks have agreed to pay $324 million to settle claims they conspired to rig an interest rate benchmark used in the derivatives market.

Under the agreement, Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan Chase and Royal Bank of Scotland
will each pay between $32 million and $52 million.

A nationwide class of investors sued 14 banks, seven of which remain defendants in the case.