Barclays Becomes First Defendant Bank to Resolve Euribor Rigging Case

Barclays PLC has agreed to shell out $94 million in settlement, becoming the first of the eleven accused banks in the U.S. antitrust litigation to resolve the case. The plaintiffs, including the California State Teachers' Retirement System (CalSTRS), alleged that the defendants breached the Sherman Act by conniving to rig Euribor and fixed prices of Euribor-based derivatives from June 2005 to March 2011. The settlement requires court approval, and Barclays' initiative may persuade other defendant banks to come forward and resolve the matter.

Key Takeaways:

Barclays PLC agreed to pay $94 million in settlement to resolve the Euribor rigging case, becoming the first of the eleven defendant banks to do so.
The plaintiffs, including CalSTRS, alleged that the defendants breached the Sherman Act by manipulating Euribor and related derivatives from June 2005 to March 2011.
The settlement requires court approval, and Barclays' initiative may persuade other defendant banks to come forward and resolve the matter.
Barclays had previously settled with U.S. and British regulators for manipulating Libor and Euribor in 2012.
Several major banks have resolved similar rate-rigging charges.
Barclays currently holds a Zacks Rank #4 (Sell).
CalSTRS is one of the world's largest public pension funds.

Statistics:

Barclays agreed to pay $94 million in settlement.
The Euribor rigging case spanned from June 2005 to March 2011.
The Sherman Act was allegedly breached by the defendants.
Barclays had settled with U.S. and British regulators for $435 million in 2012.
Several major banks have resolved similar rate-rigging charges, totaling hundreds of millions of dollars in settlements.

Sources:

Zacks.com via COMTEX.