BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
(Reuters) — JPMorgan Chase & Co. and Barclays PLC will pay $20.7 million to resolve investors' claims they conspired to rig the Mexican government bond market, the first of nine banks in the proposed class-action litigation to settle.
In a Monday night filing with the U.S. District Court in Manhattan, lawyers for the investors said the "ice breaker" settlements could be a catalyst for settlements with the other bank defendants.
These defendants include affiliates of Banco Santander SA, Bank of America Corp., BBVA, Citigroup Inc., Deutsche Bank AG, HSBC Holdings PLC and UBS.
JPMorgan is paying $15 million, and Barclays is paying $5.7 million. Both denied wrongdoing in agreeing to settle. Neither bank immediately responded on Tuesday to request for comment.
Investors led by several pension funds accused the defendant banks of operating as a "cartel" from January 2006 to April 2017 by sharing pricing and other transaction data, including through chatrooms, to maximize their profits at investors' expense.
The private litigation began after Mexico's antitrust watchdog, the Federal Economic Competition Commission (COFECE), began a probe into possible collusion.
That culminated last October in accusations against seven of the banks.
Monday's settlements require approval by U.S. District Judge Paul Oetken. He had dismissed the lawsuit last September, but let the investors amend their complaint.
The case is In re Mexican Government Bonds Antitrust Litigation, U.S. District Court, Southern District of New York.
(Reuters) — UBS A.G., Natixis S.A. and four other banks and brokerages agreed to pay just over $100 million to settle investor claims that they conspired to rig prices for municipal securities.