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Six banks settle European bond price-fixing litigation in New York
By Jonathan Stempel
Reuters
Friday, July 26, 2024
NEW YORK -- Six banks including Bank of America and Citigroup agreed to pay $80 million to settle antitrust litigation in New York accusing them of conspiring to rig prices of European government bonds.
A preliminary settlement with Bank of America, Citigroup, Jefferies, NatWest, Normura, and UBS was filed late Friday in Manhattan federal court and requires a judge's approval.
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Investors led by three public pension funds accused the banks of having colluded, including in online chat rooms, to bid high prices at bond auctions to ensure a dominant market share, and then to sell the bonds at inflated prices to mutual funds, pension funds, insurers, and other investors.
The alleged collusion occurred between 2007 and 2012. All six banks denied wrongdoing in agreeing to settle. ...
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