Six Banks Reported Agreeing to $86.4M Bond Settlement
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Six global banks’ Mexican affiliates have agreed to an $86.4 million preliminary settlement to close eight years of antitrust litigation over alleged manipulation of the Mexican government bond market. The banks involved are Bank of America, Santander, BBVA, Citigroup, Deutsche Bank, and HSBC, with the filing in Manhattan federal court on August 14. The deal would resolve the remaining claims in In re Mexican Government Bonds Antitrust Litigation, though it still requires judicial approval. Investors, including pension funds, accused traders of coordinating prices and allocations from 2006 to 2017 using electronic communications to suppress bond prices and inflate others. When combined with earlier settlements by Barclays and JPMorgan Chase, the total payments could reach about $107.1 million before fees. The banks deny wrongdoing and say settling does not constitute an admission of liability.
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“Big Banks Reach $86.4M Deal In Mexican Bond-Rigging Suit”