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Six more leading international banks have agreed to settle an antitrust lawsuit in Manhattan, New York, alleging that they conspired to fix European bond prices over a decade ago.
Bank of America (BA), Citigroup (NYSE:C), Jefferies (NYSE:JEF), NatWest (OTC:NEWG), Nomura (NMR), and UBS (UBS) agreed to the $80M settlement, preliminary terms of which were filed in Manhattan federal court late Friday, according to Reuters.
The litigation relate to claims that between 2007 and 2012, the banks conspired at auctions to bid high prices for European bonds and sell those bonds at elevated prices to investors, including mutual and pension funds.
Investors led by three public pension funds spearheaded the charges. All six banks denied the wrongdoing as part of the settlement, which still requires court approval to take effect.
If approved, the settlement will end a years-long lawsuit, leading to $120M in total payments from global financial institutions. Banks, including JPMorgan Chase (JPM), State Street (STT), and UniCredit (OTCPK:UNCFF) (OTCPK:UNCRY), previously settled for $40M.