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Big banks in $1.865 bln swaps price-fixing settlement 

September 15, 2015

Jonathan Stempel, Reuters

Twelve major banks have reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps, a lawyer for the investors said on Friday.

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

"We think it's historic," Daniel Brockett, the investors' lawyer, said in an interview. "It's one of the largest antitrust class-action settlements, and an extraordinary result for the class."

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

Other defendants are the International Swaps and Derivatives Association (ISDA) and Markit Ltd, which provides credit derivative pricing services.

Read more: Reuters

 
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