Deutsche Bank will pay $77 million and JP Morgan $71 million under the settlements, which were outlined in court documents filed late last week, the news-wire reported; it went on to say that neither company admitted wrongdoing under the agreements, which must still be approved by a judge. It said Deutsche Bank declined to comment. Over recent years a raft of banks have paid heavy sums, stretching to billions of dollars or the equivalent currency, to settle claims that the London Interbank Offered Rate, or LIBOR, had been manipulated. One consequence has been a flurry of class-action lawsuits. The saga has seen senior-level changes at some banks and recruitment of new compliance personnel and calls for the whole interbank system to be changed. 

The world’s largest banks have paid billions of dollars in fines over the last five years to settle allegations of rigging the London interbank offered rate, a key financial benchmark used to set interest rates. Class-action lawsuits filed by investors and regulators are still making their way through the courts.