WASHINGTON (AP) — Citibank will pay $425 million in fines to settle federal civil charges of attempting to manipulate key benchmarks used to set interest rates for investments in derivatives and U.S. Treasury bonds as well as a range of consumer loans.
The Commodity Futures Trading Commission announced two settlements Wednesday with Citibank, part of the big Wall Street bank Citigroup Inc.
In some instances, the regulators said, Citibank and its Japanese affiliates tried to manipulate benchmark rates even while they knew the agency was investigating the bank's practices in that area.
It was the latest action by regulators to penalize major European and U.S. banks for alleged rigging of global interest and currency-exchange rates. Banks together have paid several billion dollars in settlements.
- Posted May 27, 2016
- Tweet This | Share on Facebook
Citibank paying $425M in fines to settle charges
headlines Oakland County
- Associations gather for Spring Fling
- Law school’s team wins William and Mary Colonial Cup Competition
- Supreme Court makes it easier to sue for job discrimination over forced transfers
- Oakland County Physician bound over on insurance fraud charges
- Innocence Project leaders present at University of Pennsylvania Carey Law School Spring Symposium
headlines National
- Incarceration series includes female inmates but doesn’t tell full story
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Former DOJ official who alleged election fraud violated at least one ethics rule, ethics committee says
- Winston & Strawn will provide reduced-cost legal services for routine tasks under Winston Legal Solutions umbrella
- Should Justice Sotomayor retire? Chemerinsky, White House haven’t joined calls for her to step down
- Which BigLaw firms are increasing lateral associate hiring the most? One made legal headlines last year