Reported 12 months ago
Ten major US and European banks, including Goldman Sachs Group Inc., JPMorgan Chase & Co., and BNP Paribas SA, have agreed to pay a total of $46 million to resolve a lawsuit accusing them of collusion in interest-rate swaps trading. The settlement, filed in New York federal court, marks the end of a legal battle initiated by pension plans over eight years ago. The banks have denied wrongdoing and opted to settle to avoid ongoing litigation costs, with Credit Suisse Group AG settling separately two years prior for $25 million. This case is part of a broader trend of public pension plans suing big banks for collusion in various markets.
Source: YAHOO