On the other hand, California AG Xavier Becerra, said California is ready “to hold accountable any financial institution that plays fast and loose with the law.” His office does not tolerate fraudulent and manipulative conduct.
Under the settlement agreement, Citibank will continue to cooperated with the ongoing investigation into other LIBOR-setting panel banks.
In the past, Barclays and Deutsche Bank agreed to pay $100 million and $220 million, respectively to settle a similar multitate action. So far, the Attorneys General collected a total of $420 million from the three banks. They will distributed the money to state and local government and not-for-profit entities that lost money on LIBOR-linked investments.
