CFTC Orders Citibank, N.A. And Japanese Affiliates To Pay $175 Million Penalty For Attempted Manipulation Of Yen LIBOR and Euroyen TIBOR, and False Reporting of Euroyen TIBOR And U.S. Dollar LIBOR - Citibank, N.A. Has Been Subject To Three CFTC Enforcement Actions For Benchmark Abuses (FX, ISDAFix, And LIBOR) Imposing A Total Of $735 Million In Penalties And Requiring Extensive Remediation

The U.S. Commodity Futures Trading Commission (CFTC) issued an Order today filing and settling charges against Citibank, N.A. (Citi); Citibank Japan Ltd. (CJL); and Citigroup Global Markets Japan Inc. (CGMJ) (collectively, Citi and its affiliates) relating to abuses of the London Interbank Offered Rate (LIBOR) and the Euroyen Tokyo Interbank Offered Rate (Euroyen TIBOR) benchmarks. Specifically, CGMJ is charged with attempting to manipulate Yen LIBOR and Euroyen TIBOR, and CJL with false reporting of Euroyen TIBOR, to benefit derivatives trading positions that were priced based on Yen LIBOR or Euroyen TIBOR. Separately, Citi is charged with the false reporting of U.S. Dollar LIBOR at times to avoid generating negative media attention and to protect its reputation during the financial crisis from the spring of 2008 through the summer of 2009.