WASHINGTON, May 25 (UPI) -- Citibank N.A. ended a long-running investigation of the bank's alleged rigging of benchmark interest rates Wednesday with agreement to pay fines of $425 million.
Six European banks have settled criminal or civil claims regarding the alleged abuse of the London-based Libor benchmark rate. Citibank is the first U.S. bank to do so, and will pay a $250 million penalty to resolve claims by the federal Commodities Futures Trading Commission that the bank and its subsidiaries attempted to rig the ISDAfix benchmark and issue pertinent false reports.