Citibank, Bank of America and dozens of other financial institutions are facing a class action in the New York federal court by investors, amid allegations of a "massive conspiracy" to rig the prices of financial derivatives linked to Singapore's benchmark interest rates, reports US legal industry news service Law360. The lawsuit, filed on Friday by FrontPoint Asian Event Driven Fund and Sonterra Capital Master Fund, stems from a Monetary Authority of Singapore investigation that found 133 traders at 20 banks around the globe had attempted to manipulate submissions used to set the benchmark rate. The Bank of England has announced a new measure to soften the financial fallout from the UK's vote to leave the European Union, CNBC reports. The counter-cyclical capital buffer rate for UK banks was cut with immediate effect to zero per cent from 0.5 per cent of financials' UK exposure, the BoE said on Tuesday in its biannual Financial Stability Report - the first to be published since the Brexit vote. This will reduce regulatory capital buffers by £5.7 billion, raising banks' capacity to lend to households and businesses by up to £150 billion. Postal Savings Bank of China, set up as a deposit-taking bank in 2007 to take advantage of the country's biggest bank branch network, filed a preliminary share float prospectus last week. Reuters reports it has "a reassuringly conservative profile", with bad loans at the end of March 2016 at just 0.81 percent in a country where the sector average is officially about two per cent - and "unofficially much worse." PSBC's strong asset quality could boost its "up to US$10 billion IPO", but Reuters says the offer documents also reveal an unsettling and growing exposure to risky shadow loans and illiquid alternative assets that could pose a risk to the bank's balance sheet.