The preliminary settlements, totaling $77 million for Deutsche
Bank and $71 million for JPMorgan, were detailed in filings late
Friday in the U.S. District Court in Manhattan, and require a
They followed similar settlements last year with Citigroup Inc
<C.N> and HSBC Holdings Plc <HSBA.L> totaling $23 million and
$35 million, respectively.
Investors including the California State Teachers' Retirement
System and J. Kyle Bass' hedge fund Hayman Capital Management LP
had accused more than 20 banks of conspiring to rig yen Libor,
Euroyen Tibor and Euroyen Tibor futures contracts to benefit
their own positions from 2006 through at least 2010.
Deutsche Bank and JPMorgan did not admit wrongdoing or liability
in agreeing to settle, court papers show.
Banks use the London Interbank Offered Rate (Libor) and Tokyo
Interbank Offered Rate (Tibor) to set costs of borrowing from
each other. Libor is often used to set rates on mortgages,
credit cards and other loans.
Investors have filed many lawsuits in the Manhattan court
accusing banks of conspiring to rig rates or prices in various
financial and commodities markets.
(Reporting by Jonathan Stempel in New York; editing by Diane
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