R3 Consortium’s Seven Big Banks Settle a US$324 Million Lawsuit

R3 Consortium’s Seven Big Banks Settle a US$324 Million Lawsuit

Seven member banks of the R3 consortium, an association of the world’s leading banks and financial institutions for Blockchain research, have come to a consensus to settle a US$324 million U.S lawsuit. It has been filed for manipulating an interest rate benchmark in the $553 trillion derivatives market. Jesse Furman, US District Judge, says: "It appears that this sort of rate manipulation can be both economically sensible and feasible given that many banks have admitted in approximately the same period of time, they conspired to fix similar benchmark rates - namely, Libor and the....


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