When investors Sonterra Capital Master Fund, Hayman Capital Management LP and the California State Teachers’ Retirement System believed that a number of banks and brokerage firms had manipulated the yen-Libor rate, they sued in a New York federal court in 2015. Last week, Deutsche Bank AG and JPMorgan Chase & Co. have agreed to pay a hefty $148 million to settle investors’ claims.Bloomberg reports that Deutsche Bank will pay $77 million and JPMorgan $71 million. They’ve also agreed to cooperate with investors suing other banks. The agreement, which has yet to be approved by a judge, also stipulates that neither company will admit wrongdoing.
Bloomberg points out that in 2016, Citigroup Inc. agreed to pay $23 million and later, HSBC Holdings Plc agreed to pay $35 million.Other banks, among the original 21 banks and three brokerage firms in the suit, still remaining as defendants include UBS Group AG, Barclays Plc and Royal Bank of Scotland Group Plc.