JPMorgan to pay most in US$1.86b swaps price-fixing settlement
[BENGALURU] JPMorgan Chase & Co is set to pay almost a third of a US$1.86 billion settlement to resolve claims that a dozen big banks conspired to limit competition in the credit-default swaps market, Bloomberg reported.
JPMorgan is paying US$595 million, Bloomberg said, citing people who asked not to be identified because the firms haven't disclosed how they're splitting costs.
Morgan Stanley, Barclays Plc and Goldman Sachs Group Inc are paying about US$230 million, US$175 million and US$164 million, respectively, the report said.
Goldman, JPMorgan and Barclays declined to comment. Morgan Stanley was not immediately available to comment on the report.
Credit default swaps are contracts that let investors buy protection to hedge against the risk that corporate or sovereign debt issuers will not meet their payment obligations.
REUTERS
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