JP Morgan and Deutsche Bank will pay a combined $148 million to settle allegations of yen Libor and Euroyen Tibor benchmark interest rates manipulation in the US.
Filings in the US District Court of Manhattan late last week revealed JP Morgan will pay $71 million and Deutsche Bank will pay $77 million to end the antitrust litigation.
The court document requires a judge’s final approval and showed both investment banks did not admit the allegations of benchmark manipulation.
The fines follow a similar $35 million settlement agreed by HSBC in June last year following allegations of yen Libor and European Tibor benchmark manipulation.
Citigroup also agreed a $23 million settlement with the US District Court of Manhattan last year after investors flagged concerns of a conspiracy to rig yen Libor and Euroyen Tibor between 2006 and 2010.
Other banks allegedly involved in the rate rigging conspiracy included Barclays, UBS, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Trust Holdings.