ORX News digest of the month – November 2018
- 12 December 2018
Every month the ORX News team publishes a featured digest from the ORX News Service. It's a detailed look at one of the losses reported in the media that month, and is handpicked by the team as one of the most interesting stories.
JPMorgan and Citibank pay $21m over SIBOR:
JPMorgan and Citibank agreed to pay $11m and $10m to settle US class action allegations that they conspired to manipulate the Singapore Interbank Offered Rate (SIBOR), the Singapore dollar equivalent of LIBOR.
Similar to the LIBOR scandal, the banks were accused of colluding to submit artificially high or low rates to benefit the positions of their traders.
As part of the settlement, JPMorgan and Citibank have agreed to provide co-operation materials that may assist the class in prosecuting the other defendants in the case, which are the 17 other SIBOR panel members including Bank of America, UBS and Deutsche Bank.