Citigroup to pay £75m in US to settle charges it manipulated Libor rate

Citigroup has agreed to pay 100 million US dollars (£75 million) in the US to settle charges that its bankers manipulated an important interest rate used to price everything from credit cards to mortgages.

It is the latest bank to settle charges related to the manipulation of the London Interbank Offered Rate, better known as Libor.

Citi will pay the sum to the New York State Attorney General's office and 41 other states involved with the investigation, New York Attorney General Barbara Underwood said.

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Citi paid 95 million US dollars (£72 million) to European Union authorities in 2013 over its role in Libor manipulation.

The bank said Friday's settlement "represents another significant step for Citi in resolving its legacy interbank offered rate litigation".