UBS - Goldman Sachs JPMorgan BNP Paribas And Other Big Banks To Pay $46M To Settle Swaps Collusion Case | Benzinga
Ten major banks, including Goldman Sachs Group Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), and BNP Paribas SA (OTC:BNPQF), have agreed to pay a combined $46 million to resolve a long-standing lawsuit. The banks have been accused of conspiring to stifle competition in interest-rate swaps trading.
What Happened: The banks have denied any wrongdoing but have chosen to settle the antitrust lawsuit filed by investors over eight years ago. The settlement was submitted to a New York federal court on Thursday. The plaintiffs have requested that U.S. District Judge Paul Oetken grant preliminary approval, Bloomberg reported on Thursday.
Other banks involved in the settlement include Bank of America Corp. (NYSE:BAC), Credit Suisse Group AG which is now owned by UBS Group AG (NYSE:UBS), Barclays Plc (NYSE:BCS), Citigroup Inc. (NYSE:C), Deutsche Bank AG (NYSE:DB), Morgan Stanley ...