Seven Major Banks Settle Swap Rates Fixing Class Action for $324 mln

[kreslik.news]

Seven banks amongst which are Bank of America, Citigroup and JPMorgan Chase have settled a class action lawsuit in New York, agreeing to pay $324 million in compensation. The amount will be distributed amongst the plaintiffs as the interest rates benchmark cases continue taxing big banks several years after the initial investigations and subsequent fines by various financial regulators.

Back in March the case was allowed by Judge Jesse M. Furman, who asserted that a number of institutional investors may have suffered losses as a result of the ISDAfix manipulation allegations against 14 big banks.

With the case being similar to ... (read more)