Seven of the world's biggest banks have agreed to pay $324m to settle a private U.S. lawsuit accusing them of rigging an interest rate benchmark used in the $553tril derivatives market.
Reuters reports that the settlement made public on Tuesday, which requires court approval, resolves antitrust claims against Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan and Royal Bank of Scotland.
Several pension funds and municipalities accused 14 banks, including those that settled, of conspiring to rig the "ISDAfix" benchmark for their own gain from at least 2009 to 2012.
Companies and investors use ISDAfix to price swaps transactions, commercial real estate mortgages and structured debt securities.
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