Big Banks to Pay $46 Million to Settle Swaps Collusion Case
- Goldman, JPMorgan, BNP Paribas among banks settling 2016 suit
- Investors claimed banks blocked competition in swaps trading
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Ten major US and European banks, including Goldman Sachs Group Inc., JPMorgan Chase & Co. and BNP Paribas SA, plan to pay a combined $46 million to end a lengthy legal battle with pension plans that accused them of conspiring to block competitors in interest-rate swaps trading.
The payments are part of a deal to settle an antitrust lawsuit brought by investors more than eight years ago. The settlement was filed Thursday in New York federal court, and plaintiffs have asked US District Judge Paul Oetken to preliminarily approve it.