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Banks under investigation for possible collusion in a widening interest rate scandal are mulling a group settlement to avoid a Barclays-style backlash from regulators and politicians, Reuters reported late Thursday, citing unnamed sources.
The Reuters report didn't say which banks were banding together. Barclays was the first to admit to manipulating Libor borrowing rates, and was fined over $450 million in total.
The banks being probed include Credit Suisse, Citigroup, JPMorgan and HSBC. They all declined comment, according to the report.
Full story: http://www.reuters.com/article/2012/07/20/us-banking-libor-settlment-idUSBRE86J00 20120720