{"id":5983,"date":"2016-06-04T00:00:00","date_gmt":"2016-06-04T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/06\/citibank_settles_libor_euroyen"},"modified":"2022-05-18T14:55:07","modified_gmt":"2022-05-18T19:55:07","slug":"citibank-settles-libor-euroyen","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/citibank-settles-libor-euroyen\/","title":{"rendered":"Citibank Settles Libor, Euroyen Tibor, and YenLibor Rigging Allegations With $425M Fine"},"content":{"rendered":"

Citibank (C)<\/a> is the first U.S. bank to settle allegations of benchmark interest rate manipulation. To resolve the Commodities Futures Trading Commission claims that it manipulated the London Interbank Offered Rates (LIBOR), Citibank will pay $250M. It will pay $175M to resolve Euroyen Tibor and Yen Libor rigging claims. Also settling charges within this case are Citibank Japan Ltd (CJL) and Citigroup Global Markets Japan Inc. (CGMJ).<\/p>\n

The CFTC claims that between \u201907 and \u201812 Citigroup had specific traders input false information so their trading positions would benefit. It also claims that the bank\u2019s affiliates issued false reports related to dollar Libor rates and ISDAFIX benchmark rates during the financial crisis so that its reputation would be protected.<\/p>\n

Citigroup Global Markets Japan is charged with trying to rig Euroyen TIBOR and Yen LIBOR. Citibank Japan Ltd. is accused of engaging in false reporting related to the Euroyen TIBOR so that derivatives trading positions priced according to Euroyen TIBOR and Yen LIBOR would purportedly benefit.<\/p>\n

Libor, along with the Tokyo Interbank Offered Rate (Tibor), is what banks use to establish the cost of borrowing from one another. Libor is also used to set the rates on mortgages, credit cards, derivatives, and other financial products.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Citibank (C) is the first U.S. bank to settle allegations of benchmark interest rate manipulation. To resolve the Commodities Futures Trading Commission claims that it manipulated the London Interbank Offered Rates (LIBOR), Citibank will pay $250M. It will pay $175M to resolve Euroyen Tibor and Yen Libor rigging claims. Also settling charges within this case […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3810,3820,3752,4027],"tags":[],"class_list":["post-5983","post","type-post","status-publish","format-standard","hentry","category-cftc","category-citigroup","category-financial-firms","category-libor-scandal"],"yoast_head":"\nCitibank Settles Libor, Euroyen Tibor, and YenLibor Rigging Allegations With $425M Fine — Investor Lawyers Blog — June 4, 2016<\/title>\n<meta name=\"description\" content=\"Citibank (C) is the first U.S. bank to settle allegations of benchmark interest rate manipulation. 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