British bank Barclays has agreed to pay nearly $20m to Eurodollar-futures traders to settle a US class-action lawsuit over Libor benchmark interest rate manipulation.
As part of the deal, Barclays will also share important information and documents with plaintiffs to help them resolve claims against other banks as well.
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The settlement resolves claims against anyone who traded in Libor-based Eurodollar futures contracts and options on exchanges including the Chicago Mercantile Exchange from 1 January 2005, and 31 May 2010.
Christopher Lovell, a lawyer for the plaintiffs, said the accord, which needs approval from federal judge Naomi Reice Buchwald in Manhattan, is a good ice breaker settlement for the class and will enable them to prosecute the claims against the remaining defendants.
Kerrie Cohen, spokeswoman for Barclays, said: "The bank is pleased to have reached an agreement to settle in this matter, it is a step forward in resolving another legacy issue."
In 2012, Barclays agreed to pay $453m to US and British authorities to settle allegations that it manipulated key interest rates.
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By GlobalDataThe settlement results from a series of lawsuits filed beginning in 2011 and consolidated before Reice Buchwald.
