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Banks Near Deal on Mexican Bond Rigging Put Pressure on Others

  • Two banks have handed over some evidence, may deliver more
  • Proof of manipulation ‘is incredibly hard to get,’ expert says
Photographer: Alejandro Cegarra/Bloomberg

Two banks are close to reaching a cash settlement over claims they manipulated the Mexican bond market and they may hand over key evidence that could implicate other global banks, a lawyer for pension funds suing the banks told a judge.

The revelation that the two unidentified banks reached a “settlement in principle” and agreed to turn over chat room transcripts follows a report by Bloomberg News this month that Mexico’s antitrust agency, Cofece, notified seven global banks that it found probable evidence of cartel-like practices to manipulate government bond prices.