NEW YORK, June 27 - Ten large banks including Bank of America , opens new tab, Goldman Sachs , opens new tab and JPMorgan Chase , opens new tab will pay $46 million to settle a long-running antitrust lawsuit accusing them of conspiring to rig the now $465.9 trillion market, opens new tab for interest rate swaps.
Other settling banks include Barclays , opens new tab, BNP Paribas , opens new tab, Citigroup , opens new tab, Deutsche Bank , opens new tab, Morgan Stanley , opens new tab, NatWest , opens new tab and UBS , opens new tab. Credit Suisse, now part of UBS, agreed in 2022 to pay $25 million to settle investors' claims. A different judge dismissed a 12th bank, HSBC , opens new tab, as a defendant in 2017.Oetken's refusal in December to certify a class action made the investors' case more difficult, because it's often more costly and not worth the trouble for individual investors to sue on their own.
The case is part of more than a decade of litigation in Manhattan accusing big banks of colluding in various markets including interest rate benchmarks, U.S. Treasuries, currencies and commodities.