US authorities have settled with Deutsche Bank AG and Bank of America Corp on a preliminary basis, following allegations of the firms rigging the government agency bond market. Consequently, both banks agreed to a collective $65.5 million preliminary settlement with the US District Court in Manhattan.
Lost in the turmoil of LIBOR and forex exchange rigging scandals has been the $9 trillion agency bond market. The preliminary settlements constituted $48.5 million for Deutsche Bank and $17 million for Bank of America, according to a Bloomberg report. Despite the settlement, both banks denied any wrongdoing, despite allegations of rigging that span a decade.
The preliminary settlement was of note given that it reflects the first in litigation that had accused upwards of ten banks of conspiring to rig the overall market – this included USD-denominated supranational, sub-sovereign, and agency (SSA) bonds. Together with Deutsche Bank and Bank of America, BNP Paribas, Citigroup, Credit Agricole, Credit Suisse Group, HSBC Holdings, Nomura Holdings, Royal Bank of Canada, and Toronto-Dominion Bank were also named in the suit and allegations
Source: Financemagnates.com
Jr Trader Petar Milanov
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