AG: Citibank to pay Michigan $3M

LANSING (AP) — State Attorney General Bill Schuette says the state is pocketing $3 million from Citibank as part of a $100 million settlement over alleged interest rate manipulation.

Schuette said Friday Citibank agreed to the settlement with 41 other state attorneys general.

The bank is accused of manipulating the U.S. Dollar London Interbank Offered Rate, a benchmark interest rate that affects multi-trillion-dollar financial instruments.

Schuette is a Republican running for Michigan governor. He says Citibank is the third bank to settle.

Citibank spokeswoman Danielle Romero-Apsilos told The Associated Press that Citi's top priority is “keeping with the highest ethical standards.”