British bank Barclays agreed to pay $20 million to settle a class-action suit from investors who lost money in the Libor interest rate-rigging conspiracy, according to a US court filing. The banking giant also agreed to cooperate with plaintiffs as they seek damages against other large financial institutions over manipulation of the London Interbank Offered Rate, according to a filing Wednesday in a US district court in New York.
Kirby McInerney, which represents plaintiffs in the case, said the Barclays agreement could be an "ice-breaker" deal that encourages other firms to settle in the multinational rate-rigging case.