JPMorgan is set to pay almost a third of a $1.86bn settlement to resolve accusations that a dozen big banks conspired to limit competition in the credit-default swaps market, according to people briefed on terms of the deal.
Bloomberg News reports that JPMorgan is paying $595m, with the lender’s portion of the accord largely based on the plaintiffs’ measure of market share, said the people, who asked not to be identified because the firms haven’t disclosed how they’re splitting costs.
The settlement also enacts reforms making it easier for electronic-trading platforms to enter the CDS market, according to a statement Thursday from attorneys for the plaintiffs, which include the Los Angeles County Employees Retirement Association.
Morgan Stanley, Barclays and Goldman Sachs are paying about $230m, $175m and $164m, respectively, the people said. Plaintiffs’ lawyers disclosed the approximate size of the settlement in Manhattan federal court last month, saying they were still ironing out details. They updated the total Thursday.
To access the complete Bloomberg News article hit the link below: