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A bank agreed to pay $100 million to settle charges related to U.S. Dollar LIBOR ("USD LIBOR") manipulation. The matter was investigated by a working group of 42 state Attorney General offices, led by the Office of the Attorney General of the State of New York (collectively, "Attorneys General").
According to the Settlement Agreement with the Attorneys General, Citibank, N.A. ("Citibank") "misrepresented the integrity of the LIBOR benchmark" by "concealing, misrepresenting, and failing to disclose" USD LIBOR submissions that were, on occasion, made to "avoid negative publicity and protect" the bank's reputation. Among other instances of allegedly fraudulent conduct, the Attorneys General also alleged that Citibank asked its employees in other departments to avoid offering rates higher than Citibank's USD LIBOR submission.
In addition to the settlement, Citibank agreed to fully cooperate with the Attorneys General's continued investigation into related proceedings and actions.
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