Big Banks to Pay $46 Million to Settle Swaps Collusion Claims [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: BNN Bloomberg
The payments are part of a deal to settle an antitrust lawsuit brought by investors more than eight years ago, according to a document reviewed by Bloomberg. The settlement was filed Thursday in New York federal court, and plaintiffs have asked US District Judge Paul Oetken to preliminarily approve it. The banks denied violating any laws and said they sought to avoid the cost of ongoing litigation. Plaintiffs asked the judge to approve the deal. Another bank, Credit Suisse Group AG, settled claims in the case two years ago by agreeing to pay $25 million. Credit Suisse is now owned by UBS Group AG, which was among the 10 involved in the latest settlement. The case is part of a wave of litigation brought by public pension plans against big banks accused of colluding across various markets, including interbank rates, currencies and credit default swaps. The financial institutions have faced claims that they kept electronic trading platforms from entering those markets so they could
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