Singapore Rates Racket? Banks Shake It Off With a $155 Million Shake‑Down
In a drama that feels like a courtroom soap opera, 13 banks have just agreed to cough up $91 million (about S$124 million) to settle civil antitrust claims that they conspired to fleece the nation’s benchmark interest rates. That kicks the total pot over $155 million, after the earlier hit‑list of six more banks had already handed in their pledges.
The Main Players
- Bank of America NA
- Barclays Bank Plc
- BNP Paribas SA
- UBS AG
Earlier, Credit Suisse AG, Deutsche Bank AG, The Hongkong and Shanghai Banking Corp Ltd, ING Bank NV, Citibank NA, and JPMorgan Chase & Co. had already signed on.
Why the Money Storm?
Back in 2016, plaintiffs sued the banks in Manhattan, accusing them of rigging the SIBOR (Singapore Interbank Offered Rate) and its sibling, the Singapore Swap Offered Rate. These rates are the backbone of banking products—think mortgage interest, corporate loans, you name it. The proposed class covers anyone buying or selling SIBOR derivatives.
The Banks – Quiet as a Ninja
When we rang the banks to get their perspective, most either shrugged or stayed silent. No statements, no interview. The banks have flat‑out denied any liability.
Lawyer Round‑Up
Mail sent to attorneys for Bank of America, Barclays, BNP Paribas, and UBS failed to spark a response. Likewise, representatives of the plaintiffs, like Vincent Briganti of Lowey Dannenberg, didn’t reply when we called.
Claiming the Wins
According to law firm spokesman Lowey Dannenberg, “Representative plaintiffs have used every available resource to ensure that these negotiated settlements are more than fair.” Dannenberg added that the proposed deals solo up to 28‑43 % of the total class‑wide damages if the case were to go to trial.
For legal fees alone, the plaintiffs are eyeing up to $51.8 million—about one‑third of the total pot.
Where It All Began
The lawsuit, filed as Fund Liquidation Holdings LLC v. Citibank NA in the U.S. District Court for the Southern District of New York (Case No. 1:16‑cv‑05263‑AKH), set the stage for the “SIBOR price‑faking” drama.
For those of you who love a good financial twist, this case reminds us that interest rates can be more than a number—they can be a battleground.
