Daily News: July 14, 2017

HSBC, UBS Settle U.S. Rate Rigging Litigation


Reuters reported HSBC Holdings and UBS Group have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market.

According to Reuters, the preliminary settlements boost the total payout from 10 settling banks to $408.5 million. HSBC and UBS denied wrongdoing.

Reuters noted that BNP Paribas, Morgan Stanley, Nomura Holdings and Wells Fargo have not settled. Several pension funds and municipalities had accused 14 banks of conspiring to rig the ISDAfix benchmark for their own gain from at least 2009 to 2012, Reuters sa