HSBC and UBS have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market, Reuters reported. Switzerland’s largest lender was one of 10 banks accused of having rigged the Isdafix index, which is used to price swap transactions, commercial real estate mortgages and structured debt securities.
UBS denied wrongdoing, Reuters said in the report. The bank wasn’t alone to pay up though. HSBC forked out a similar amount, boosting the total payout from 10 settling banks to $408.5 million. All of the eight previous settlements received approval, including $56.5 million from Goldman Sachs Group Inc (GS) and $52 million from JPMorgan Chase & Co (JPM) , as Reuters reported.
The preliminary settlements, which still require the approval of a judge, were disclosed in the U.S. District Court in Manhattan Tuesday, according to Reuters.
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