Banks to pay $491M settlement over interest rate manipulation

Wei Lin

By Wei Lin

This week Citibank and JPMorgan were added to the heap of conspirators who fixed a key interbank interest rate in the Eurozone. Euribor, the equivalent of Libor, is a benchmark used to determine interest rates on credit cards, mortgages, student loans, and other debt facilities. The ruling on Euribor fixing comes the same week as a smaller ruling against JPMorgan for fixing benchmark rates in Australia. While the banks must pay the fines, they are permitted to carry on without any admission of wrongdoing.

Citigroup, JPMorgan to pay $182.5 million to settle rate-rigging lawsuit
"A preliminary settlement addressing the banks’ alleged manipulation of the European Interbank Offered Rate, or Euribor, was filed on Wednesday night with the U.S. District Court in Manhattan, and requires a judge’s approval.
Five banks have reached $491.5 million of settlements in the case, including earlier settlements of $170 million by Deutsche Bank AG, $94 million by Barclays Plc and $45 million by HSBC Holdings Plc."

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Soros Strikes Back At Facebook; Demands Congressional Oversight
"Gaspard similarly responded, saying in a statement: 'I was shocked to learn from the New York Times that you and your colleagues at Facebook hired a Republican opposition research firm to stir up animus toward George Soros,' adding: 'As you know, there is a concerted right-wing effort the world over to demonize Mr. Soros and his foundations, which I lead—an effort which has contributed to death threats and the delivery of a pipe bomb to Mr. Soros’ home. You are no doubt also aware that much of this hateful and blatantly false and anti-Semitic information is spread via Facebook."

How Splices Impact Lightning Network Fees
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"When money is flooding in like a river, the roar prevents us from hearing anything else. Certainly that’s been my experience, usually to my ultimate detriment. But when the water rushes out, there’s nary a sound. We’re all ears. That’s been my experience, too. Almost always to my ultimate benefit.
There’s bigger game afoot than getting rich."

What do you legally own with Bitcoin?
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One Week Later: The Latest Developments in the Bitcoin Cash Split
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