Citibank Pays $100 Million Settlement For Interest Rate Manipulation

Citibank has agreed to a $100 million dollar settlement with 42 states for it’s involvement in manipulating the Libor rate. This rate is used to help set interest rates worldwide and the 42 states involved alleged that they were harmed by contracts they entered into that were knowingly manipulated by Citibank. Previously Barclays also agreed to a $100 million settlement and Deutsche Bank also agreed to a $240 million settlement in early 2018. $95 million from the Citi settlement will go to Governmental and not-for-profit entities that were affected, with the remaining $5 million used to pay for costs involved.