Banks settle fixing case for $1.86bn
TWELVE major banks have reached a $1.9bn (£1.2bn) settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps (CDS).
The settlement in principle was disclosed at a hearing in Manhattan. "We think it's historic,"said Daniel Brockett, the investors' lawyer, in an interview. "It's one of the largest antitrust class-action settlements, and an extraordinary result for the class."
The defendants include Bank of Ame...