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Violation Tracker Individual Record

Company: Norinchukin Bank
Current Parent Company: Norinchukin Bank
Penalty: $30,000,000
Year: 2023
Date: October 17, 2023
Offense Group: competition-related offenses
Primary Offense: price-fixing or anti-competitive practices
Secondary Offense: interest rate benchmark manipulation
Mega-Scandal: Benchmark Manipulation
Violation Description: MUFG Bank, Norinchukin Bank and Societe Generale agreed to pay a total of $90 million to settle their role in litigation relating to manipulation of the Libor interest rate benchmark. The settlement did not specify how much each company would pay. Here we assume they each paid an equal portion of the total.
Level of Government: federal
Action Type: private litigation
Court: Southern District of New York
Civil or Criminal Case: civil
Case ID: 1:11-md-02262
Case Name: In Re: Libor-Based Financial Instruments Antitrust Litigation
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: Japan
Ownership Structure of Current Parent: cooperative
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.