Citibank to pay $425 million over attempted benchmark manipulation

[May 25, 2016]  WASHINGTON (Reuters) - Citibank and its affiliates has agreed to pay a collective $425 million to resolve civil charges that the bank attempted to manipulate several key benchmarks, including the U.S. dollar ISDAFIX, the Yen Libor and the Euroyen TIBOR, the Commodity Futures Trading Commission said.

The CFTC said on Wednesday the bank was also charged with false reporting in connection with ISDAFIX benchmark rates and with false reporting of U.S. dollar Libor rates during the financial crisis to protect its reputation.

(Reporting by Sarah N. Lynch; Editing by Jeffrey Benkoe)

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