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
headlines National
- Lindsay Clancy trial shows how hard it is to prove intent retroactively
- Is there a religious right to abortion? State supreme court will weigh in
- Harvey raises $550M in latest round of funding
- Vanderbilt law students will gain access to AI-powered deposition simulations
- Federal judges’ interns may accept stipends from law firms, ethics panel says
- Former lawyer who pulled gun on ex-wife in restaurant convicted of attempted murder
