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HSBC settles bondholders' claims of Libor manipulation
Source: Reuters
BANKS | Mon May 15, 2017 | 7:17pm EDT
HSBC settles bondholders' claims of Libor manipulation
By Brendan Pierson | NEW YORK
HSBC Holdings Plc has settled claims by a group of U.S. bondholders that it conspired with rivals to rig the Libor benchmark interest rate, according to a New York court filing on Monday by the bondholders' attorneys.
The filing did not disclose the terms of the settlement, which it said must be approved by U.S. District Judge Naomi Reice Buchwald in Manhattan federal court.
HSBC spokesman Robert Sherman had no immediate comment. Lawyers for the bondholders could not immediately be reached.
Libor, or the London Interbank Offered Rate, is used to set rates on hundreds of trillions of dollars of transactions, including for credit cards, student loans and mortgages. It is calculated based on submissions by banks.
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HSBC settles bondholders' claims of Libor manipulation
By Brendan Pierson | NEW YORK
HSBC Holdings Plc has settled claims by a group of U.S. bondholders that it conspired with rivals to rig the Libor benchmark interest rate, according to a New York court filing on Monday by the bondholders' attorneys.
The filing did not disclose the terms of the settlement, which it said must be approved by U.S. District Judge Naomi Reice Buchwald in Manhattan federal court.
HSBC spokesman Robert Sherman had no immediate comment. Lawyers for the bondholders could not immediately be reached.
Libor, or the London Interbank Offered Rate, is used to set rates on hundreds of trillions of dollars of transactions, including for credit cards, student loans and mortgages. It is calculated based on submissions by banks.
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Read more: http://www.reuters.com/article/us-libor-settlements-idUSKCN18B2QU
