NEW YORK • Deutsche Bank AG and JPMorgan Chase & Co agreed 
to pay a combined US$148 million (RM633.28 million) to resolve claims that they conspired to manipulate the benchmark yen Libor (London interbank offered rate) rate and said they will cooperate with investors suing other banks.

Investors including Sonterra Capital Master Fund, Hayman Capital Management LP and the California State Teachers’ Retirement System sued 21 banks and three brokerage firms in federal court in New York 
in July 2015, accusing them of 
manipulating the rate from 2006 to 2011.

Deutsche Bank will pay US$77 million and JPMorgan US$71 million under the settlements, which were outlined in court documents filed late last Friday. Neither company admitted wrongdoing under the agreements, which must still be approved by a judge.

A spokesman for Deutsche Bank declined to comment.

Class-action lawsuits filed by investors and regulators are still making their way through the courts.

Citigroup Inc agreed to pay US$23 million to resolve the claims in 
February 2016 and said it would cooperate with the plaintiffs, in what the parties called an “icebreaker” intended to spur the others to settle.

One of the brokerages, London- based RP Martin Holdings Ltd, also agreed to provide evidence to the investors as part of the settlement. HSBC Holdings plc later settled for US$35 million and its cooperation.

Other banks still remaining as defendants in the suits include UBS Group AG, Barclays plc and Royal Bank of Scotland Group plc. The settlements were reported earlier by Reuters. — Bloomberg