Big banks in $1.87 billion swaps price-fixing settlement

Section:

By Jonathan Stempel
Reuters
Friday, September 11, 2015

NEW YORK -- Twelve major banks have reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and restrain competition in the roughly $16 trillion market for credit default swaps, a lawyer for the investors said today.

The settlement in principle was disclosed at a hearing before U.S. District Judge Denise Cote in Manhattan.

Daniel Brockett, the lawyer for the investors, said Cote gave both sides two weeks to iron out details, before submitting a settlement for her preliminary approval.

The defendants include Bank of America Corp., Barclays, BNP Paribas, Citigroup, Credit Suisse Group, Deutsche Bank, Goldman Sachs Group, HSBC Holdings, JPMorgan Chase, Morgan Stanley, Royal Bank of Scotland Group, and UBS. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/09/11/us-swaps-settlement-idUSKCN0RB...



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