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Big banks settle Fannie Mae, Freddie Mac bond-rigging litigation
Round up the usual suspects, slap them on the wrist, and send them on their merry way to their next fraud.
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By Jonathan Stempel
Reuters
Tuesday, December 17, 2019
NEW YORK -- Thirteen prominent banks and financial services companies agreed to pay $337 million to resolve claims by investors that they conspired to rig prices of bonds issued by mortgage companies Fannie Mae and Freddie Mac for a decade.
The preliminary settlements filed late Monday night in federal court in Manhattan require a judge's approval, and would conclude private nationwide antitrust litigation brought against 16 defendants, with settlements totaling $386.5 million.
... Dispatch continues below ...
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Barclays, which underwrote the most Fannie Mae and Freddie Mac bonds, will pay $87 million.
Bank of America, BNP Paribas, Cantor Fitzgerald, Citigroup, Credit Suisse, HSBC, JPMorgan Chase, Morgan Stanley, Nomura, Societe Generale, Toronto-Dominion, and UBS will separately pay a combined $250 million.
The banks denied wrongdoing in agreeing to settle. Deutsche Bank, Goldman Sachs, and units of Tennessee’s First Horizon previously settled for a combined $49.5 million. ...
... For the remainder of the report:
https://www.reuters.com/article/us-fannie-mae-freddie-mac-bonds-lawsuit/...
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