Big banks settle U.S. rate-rigging lawsuit

• Seven of the world's largest banks have agreed to pay $324M to settle a U.S. lawsuit accusing them of rigging the "ISDAfix" benchmark for their own gain from 2009 to 2012.
• The illegal deals included the execution of rapid trades just before the rate was set each day, called "banging the close," to delay transactions and post rates that did not reflect market activity.
• The settlement resolves claims against BofA (NYSE:BAC), Barclays (NYSE:BCS), Citigroup (NYSE:C), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB), JPMorgan (NYSE:JPM) and the Royal Bank of Scotland (NYSE:RBS).