Citigroup to pay $100M to settle rate manipulation charges

June 15, 2018 - 1:39 pm

NEW YORK (AP) — Citigroup is agreeing to pay $100 million to settle charges that its bankers manipulated an important interest rate used to price everything from credit cards to mortgages.

It is the latest bank to settle charges related to the manipulation of the London Interbank Offered Rate, better known as Libor.

Citi will pay $100 million to the New York State Attorney General's office and 41 other states involved with the investigation, New York Attorney General Barbara Underwood said Friday.

Citi had paid $95 million to European Union authorities back in 2013 over its role in Libor manipulation. The bank said in a statement that Friday's settlement "represents another significant step for Citi in resolving its legacy interbank offered rate litigation."

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