Six banks, together with Financial institution of America and Citigroup, have agreed to pay $80 million to settle an antitrust dispute in New York that accused them of rigging costs European authorities bonds.
A preliminary settlement with Financial institution of America, Citigroup, Jefferies, NatWest, Nomura and UBS was filed late Friday in Manhattan federal courtroom and have to be accredited by a decide.
Traders, together with three public pension funds, have been accused of colluding, together with on-line chat rooms, to supply excessive costs at bond auctions to be able to share of the first market, after which promote the bonds at inflated costs to mutual funds, pension funds. , insurers and different traders.
The alleged collusion occurred between 2007 and 2012. All six banks have denied wrongdoing by agreeing to the settlement.
Friday’s settlements, if accepted, will finish the lawsuit, with $120 million in settlements. JPMorgan Chase, Natixis, State Road and UniCredit had already reached offers value $40 million.
The case is a part of greater than a decade of litigation in Manhattan courtroom accusing banks of creating losses in numerous markets, together with US Treasuries, currencies and commodities, in addition to rate of interest benchmarks.
Il s’agit de l’affaire In a lawsuit towards European Authorities Bonds, US District Court docket, Southern District of New York, n ° 19-02601.
2024-07-26 23:25:02
#banks #settle #dispute #European #bond #costs #York