Six banks, together with Financial institution of America and Citigroup, have agreed to pay $80 million to settle an antitrust case in New York accusing them of manipulating the costs of European authorities bonds.
A preliminary settlement with Financial institution of America, Citigroup, Jefferies, NatWest, Nomura and UBS was filed late Friday in federal court docket in Manhattan and requires a decide’s approval.
Traders, led by three public pension funds, accused the banks of colluding in on-line chat rooms, amongst different issues, to bid excessive costs at bond auctions to safe a main share. of the market after which promote the bonds at inflated costs to mutual funds, pension funds. , Promote to insurers and different buyers.
The alleged agreements occurred between 2007 and 2012. By agreeing to the settlement, the six banks denied wrongdoing.
Friday’s settlements, if accredited, would finish the lawsuit for $120 million. JPMorgan Chase, Natixis, State Road and UniCredit beforehand agreed for a complete of $40 million.
The case is a part of a greater than decade-long authorized battle in Manhattan courts the place the banks are accused of creating losses in varied markets, together with US Treasury bonds, currencies and commodities, and rate of interest benchmarks.
Der Fall lautet In re European Authorities Bonds Antitrust, US District Court docket, Southern District of New York, No. 19-02601.
2024-07-26 23:25:02
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