HALISTER: BofA, Deutsche Bank to Pay $65.5 Mln Total to Settle Bond Suit

BofA, Deutsche Bank to Pay $65.5 Mln Total to Settle Bond Suit

(Bloomberg) -- Bank of America agrees to pay $17 million and Deutsche Bank $48.5 million to settle claims in suit alleging the world’s biggest banks rigged SSA bonds, or supranational, sub-sovereign and agency bonds, according to filings in federal court in New York Thursday.
  • Plaintiffs ask judge to approve settlements, saying the two banking giants also agreed to provide evidence, including hundreds of electronic chats among alleged conspirators, that can use against other defendants
  • Other defendants include Credit Suisse, Citigroup and HSBC
  • 2016 suit accuses banks of fixing prices quoted to investor clients, steering business to each other and sharing confidential client information with each other “whenever it could help them rip off their customers”
  • Case is In re SSA Bonds Antitrust Litigation, 16-cv-03711, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Chris Dolmetsch in New York State Supreme Court in Manhattan at cdolmetsch@bloomberg.net To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net Andrew Martin

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Source: BFW (Bloomberg First Word)

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