NEW YORK, Oct 26 (Reuters) - Barclays Plc and UBSAG have agreed to settle U.S. litigation by bondholderswho accused the banks of conspiring with rivals to rig the Liborbenchmark interest rate, lawyers for the plaintiffs said inWednesday court filings.
Terms were not disclosed, and both accords require theapproval of U.S. District Judge Naomi Reice Buchwald inManhattan.
Libor, or the London Interbank Offered Rate, is used to setrates on hundreds of trillions of dollars of transactions,including for credit cards, student loans and mortgages. Banksuse it determine the cost of borrowing from one another. (Reporting by Jonathan Stempel in New York; Editing by JeffreyBenkoe)
Barclays (BARC)
