Ten big banks settle US interest rate swaps rigging litigation [Yahoo! Finance Canada]
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BNP PARIBAS SPONS ADR (BNPQY)
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Source: Yahoo! Finance Canada
to settle a long-running antitrust lawsuit accusing them of conspiring to rig the now $465.9 trillion market for interest rate swaps. Lawyers for investors filed a preliminary settlement to end the eight-year-old nationwide case on Thursday in Manhattan federal court. The settlement requires approval by U.S. District Judge Paul Oetken, and boosts the value of all settlements in the case to $71 million. Other settling banks include Barclays, BNP Paribas, Citigroup, Deutsche Bank, Morgan Stanley, NatWest and UBS. ADVERTISEMENT Investors led by the city of Baltimore and pension funds in Chicago, Los Angeles and Michigan accused the banks of trying from 2013 to 2016 to corner swaps trading, in part by boycotting three upstart platforms that offered better prices and let buy-side investors trade with each other. This allegedly led to "tremendous profits" for the banks because of their role as dealers, primarily in the form of bid/ask spreads, the investors said. Credit Suisse
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