July 11 2017UBS AG and HSBC Bank USA NA have each agreed to pay $14 milllion to settle class action claims that they participated in a conspiracy to manipulate ISDA-fix, a key benchmark rate used to set the terms for swaps and other financial instruments. McCulley McCluer and its co-counsel, Berger & Montague, represent lead plaintiff Pennsylvania Turnpike Commission in the matter pending in the Southern District of New York.
Total settlements to date are now $408M, including $324M from seven banks including Bank of America, Citigroup, and JP Morgan, and a $56.5M settlement with Goldman Sachs. Five defendants remain in the litigation.