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Schuette: Citibank to pay Michigan $3 million

Posted: 3:10 PM, Jun 15, 2018
Updated: 2018-06-15 19:10:20Z

Michigan's attorney general says the state is pocketing $3 million from Citibank as part of a $100 million settlement over alleged interest rate manipulation.

Bill Schuette says Friday in a news release that Citibank agreed to the settlement with 41 other state attorneys general.

The bank is accused of manipulating the U.S. Dollar London Interbank Offered Rate, a benchmark interest rate that affects multi-trillion-dollar financial instruments.

Schuette is a Republican running for Michigan governor. He says Citibank is the third bank to settle.

Citibank spokeswoman Danielle Romero-Apsilos tells The Associated Press that the settlement is "another significant step for Citi in resolving its legacy interbank offered rate litigation" and that Citi's top priority is "keeping with the highest ethical standards."