June 2, 2020 | 6:21 pm
JPMorgan Chase and Barclays will pay $ 20.7 million to meet investor demand that says they conspired to fix the Mexican government bond market.
They are the first banks to reach an agreement of the nine involved in the possible lawsuit.
In a filing Monday night in front of the Manhattan district court, investment attorneys said the deal could be a catalyst for reaching similar deals with the other banks involved in the lawsuit.
Advocates include affiliates of Banco Santander, Bank of America, BBVA, Citigroup, Deutsche Bank, HSBC and UBS.
JPMorgan will pay $ 15 million and Barclays $ 5.7 million. Both denied that the agreement represented an acceptance of improper actions. Neither bank responded to a request for comment from ..
Investors led by various pension funds accused the defending banks of operating as a “cartel” between January 2006 and April 2017, by sharing prices and other transaction data to maximize profits at the expense of investors.
Private litigation began after the Federal Economic Competition Commission launched an investigation for possible collusion. This ended last October, with accusations against seven of the banks.
Monday’s settlements require the approval of District Judge Paul Oetken, who had dismissed the lawsuit last September, but allowed investors to correct his complaint.