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Seven big banks settle U.S. rate-rigging lawsuit for $324 mln

Reuters - UK Focus

NEW YORK, May 3 (Reuters) - Seven of the world's biggest banks have agreed to pay $324 million to settle a private U.S (Other OTC: UBGXF - news) . lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market.

The settlement made public on Tuesday resolves antitrust and other claims against Bank of America Corp, Barclays Plc (LSE: BARC.L - news) , Citigroup Inc (NYSE: C - news) , Credit Suisse Group AG, Deutsche Bank AG (LSE: 0H7D.L - news) , JPMorgan Chase & Co (Xetra: 850628 - news) and Royal Bank of Scotland Group Plc.

Several pension funds and municipalities accused the banks of engaging in a conspiracy to rig the "ISDAfix" benchmark from 2009 to 2012. Other bank defendants have yet to settle. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio)