(MENAFN) Deutsche Bank and JPMorgan Chase & Co. confirmed to pay a mutual USD148mn in order to end private U.S. antitrust litigation to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.
Additionally, the preliminary settlements, reaching USD77mn for Deutsche Bank and USD71mn for JPMorgan were detailed in the U.S. District Court in Manhattan.
Moreover, they trailed similar settlements in 2016 with Citigroup Inc. and HSBC Holdings reaching USD23mn and USD35mn, respectively.
Meanwhile, banks use the London Interbank Offered Rate and Tokyo Interbank Offered Rate to set costs of borrowing from each other.
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