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13 banks agree to pay $337M for rigging bond prices

Thirteen prominent banks and financial services companies agreed to pay $337 million to resolve claims by investors that they conspired to rig prices of bonds issued by mortgage companies Fannie Mae (FNMA.PK) and Freddie Mac (FMCC.PK) for a decade.

The preliminary settlements in federal court in Manhattan require a judge’s approval and would conclude private nationwide antitrust litigation brought against 16 defendants, with settlements totaling $386.5 million.

Barclays (BARC.L), which underwrote the most Fannie Mae and Freddie Mac bonds, will pay $87 million.

Bank of America (BAC.N), BNP Paribas (BNPP.PA), Cantor Fitzgerald, Citigroup (C.N), Credit Suisse (CSGN.S), HSBC (HSBA.L), JPMorgan Chase (JPM.N), Morgan Stanley (MS.N), Nomura (8604.T), Societe Generale (SOGN.PA), Toronto-Dominion (TD.TO) and UBS (UBSG.S) will separately pay a combined $250 million.

Read the source article at reuters.com

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