HSBC has agreed to pay US$30 million to settle litigation by investors who accused 11 big banks of rigging the roughly US$9 trillion government agency bond market from 2009 to 2015.
The settlement with the British bank was made public late Wednesday night, January 9, in the federal court in Manhattan, and requires approval by US District Judge Edgardo Ramos.
HSBC is the third bank to settle, after Deutsche Bank and Bank of America agreed in August 2017 to pay a respective US$48.5 million and US$17 million and cooperate with the plaintiffs.
Investors led by two Alaska government entities and the Iron Workers Pension Plan of Western Pennsylvania accused banks of colluding to manipulate prices of US dollar-denominated supranational, sub-sovereign, and agency bonds.
Full Content: Reuters
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