Loading ...JPMorgan said to pay most in $1.86 billion swaps market rig settlement
Submitted by cpowell on 08:12AM ET Friday, October 2, 2015. Section: Daily Dispatches
By Michael J Moore Hugh Son
Bloomberg News
Thursday, October 1, 2015
PMorgan Chase & Co. is set to pay almost a third of a $1.86 billion settlement to resolve accusations that a dozen big banks conspired to limit competition in the credit-default swaps market, according to people briefed on terms of the deal.
JPMorgan is paying $595 million, with the lender’s portion of the accord largely based on the plaintiffs’ measure of market share, said the people, who asked not to be identified because the firms haven’t disclosed how they’re splitting costs. The settlement also enacts reforms making it easier for electronic-trading platforms to enter the CDS market, according to a statement Thursday from attorneys for the plaintiffs, which include the Los Angeles County Employees Retirement Association.
Morgan Stanley, Barclays Plc, and Goldman Sachs Group Inc. are paying about $230 million, $175 million, and $164 million, respectively, the people said. Plaintiffs’ lawyers disclosed the approximate size of the settlement in Manhattan federal court last month, saying they were still ironing out details. They updated the total Thursday. …