NEW YORK: A dozen major banks agreed to pay $1.9 billion to settle allegations of price-fixing in the market over the weekend for credit default swaps, a derivative that acts as insurance against bond defaults.
JPMorgan Chase, BNP Paribas of France and Barclays of Britain were among the banks striking the deal to settle investor allegations in US District Court in Manhattan, a lawyer for the plaintiffs told Agence France-Presse.
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