Citigroup to pay $425 million over attempted benchmark manipulation

Citigroup has agreed to pay $425 million to resolve civil charges by the Commodities Futures Trading Commission as it tried to manipulate foreign exchange and interest rate benchmarks, the latest settlement in ongoing international probes of global banks.

Citigroup affiliates were also charged with false reporting in connection with ISDAFIX benchmark rates and with false reporting of US dollar Libor rates during the financial crisis to protect its reputation, the CFTC said on Wednesday, adding that the various actions occurred between.

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