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.
