Deutsche Bank, Bank of America settle agency bond rigging lawsuits

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Deutsche Bank, Bank of America settle agency bond rigging lawsuits

Deutsche Bank, Bank of America settle agency bond rigging lawsuits

REUTERS-

Deutsche Bank AG and Bank of America Corp agreed to pay a combined $65.5 million to settle investor litigation accusing large banks of rigging the roughly $9 trillion government agency bond market over a decade.

Preliminary settlements totaling $48.5 million for Deutsche Bank and $17 million for Bank of America were filed on Thursday with the U.S. District Court in Manhattan, and require a judge’s approval. Both banks denied wrongdoing.

The settlements were the first in litigation accusing 10 banks of engaging in a “brazen conspiracy” to rig the market for U.S. dollar-denominated supranational, sub-sovereign and agency (SSA) bonds, court papers show.

[REUTERS]

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