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Six more major international banks have agreed to settle an antitrust lawsuit in Manhattan, New York, alleging they conspired to fix European bond prices more than a decade ago.
Bank of America (BA), Citigroup (New York Stock Exchange:C), Jefferies (New York Stock Exchange: JEF), NatWest (OTC:NEW), Nomura (MRI) and UBS (UBS) agreed to the $80 million settlement, preliminary terms of which were filed in Manhattan federal court on Friday night, according to Reuters.
The litigation relates to claims that between 2007 and 2012, banks conspired at auctions to bid high prices for European bonds and sell those bonds at high prices to investors, including mutual and pension funds.
Investors, led by three public pension funds, have led the accusations. All six banks have denied wrongdoing as part of the deal, which still needs court approval to take effect.
If approved, the agreement will be finalized. a lawsuit that has been going on for yearsThis resulted in total payments of $120 million from global financial institutions. The banks, including JPMorgan Chase (JPM), State Street (STT) and UniCredit (OTCPK:UNCFF) (OTCPK:UNCRY), had previously agreed to payments of $40 million.
