Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

BofA, Citi, Others Get First Nod for $155 Million Antitrust Pact

June 10, 2022, 5:32 PM

Bank of America Corp., Citigroup Inc., and other top financial institutions stepped closer to ending antitrust litigation over their alleged scheme to rig a Singaporean interest benchmark, when a federal judge in Manhattan gave a preliminary nod to settlements worth $155 million.

Judge Alvin K. Hellerstein signed off tentatively Thursday on class action agreements with 19 banks, reached about five months after the U.S. Supreme Court denied a bid to shut down the “Sibor” manipulation allegations. He scheduled a final settlement hearing for Nov. 29.

The deal to end the six-year-old case involves pacts with Citi and five ...