HSBC Bank plc ("HSBC") agreed to pay $100 million to settle a class action lawsuit concerning charges of LIBOR manipulation. The class of investors ("plaintiffs") alleged that they had purchased financial products from various banks that engaged in a conspiracy to manipulate the U.S. dollar LIBOR.
In a motion filed in the U.S. District Court for the Southern District of New York, the plaintiffs requested that the Court approve a motion for settlement with HSBC. HSBC is the fourth bank to settle charges related to these claims. In addition to the settlement payment, HSBC agreed to provide the plaintiffs with a detailed account of the U.S. dollar LIBOR determination process at HSBC, as well as transaction information and documents HSBC provided to government regulators.
HSBC has not admitted any wrongdoing in connection with the settlement agreement.
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