MUFG, Societe Generale, Norinchukin Strike $90 Million Libor Deal (1)

Societe Generale SA, MUFG Bank, and the Norinchukin Bank agreed to pay $90 million to Baltimore’s city council and other plaintiffs in settling antitrust claims that the banks unlawfully conspired to suppress Libor rates.

The plaintiffs—which also include City of New Britain, Conn., Vistra Energy Corp., Yale University and Jennie Stuart Medical Center—asked the US District Court for the Southern District of New York May 19 for preliminary approval of the settlement.

The settlement is on behalf of investors who bought US dollar Libor-based securities in the US between August 2007 and May 2010, according to the plaintiffs’ memo accompanying ...