Business JP Morgan and Barclays will pay 20.7 billion for...

JP Morgan and Barclays will pay 20.7 billion for manipulating bonds in Mexico

Reuters

Mexico city / 02.06.2020 17:35:08

Banks JP Morgan and Barclays will pay 20 million 700 thousand dollars to settle the claims of investors of their subsidiaries in Mexico conspired with other banks to to manipulating the bond market mexican government.

This Monday before the District court of the united States in Manhattan, lawyers for the investors said that the agreements “to break the ice” could be a catalyst for the agreements with the other banks charged.

The financial institutions defendants including affiliates of Bank Santander, Bank of America, BBVA, Citigroup, Deutsche Bank, HSBC and UBS.

JP Morgan is paying $ 15 million and Barclays is paying for 5.7 million dollars; however, both denied having acted in bad to ok to reach an agreement. None of the banks immediately respond to requests for information.

The investors, led by several pension funds accused the banks defendants operate as a “cartel” from January of 2006 until April of 2017 to the share price and other transaction data, including through chat rooms, to maximize their profits at the expense of investors.

The private lawsuit began after the Federal commission of Economic Competition (Cofece) began an investigation into possible collusion, a process that culminated last October with allegations against seven banks.

The agreements Monday, require the approval of the federal judge of district Paul Oetken, who had dismissed the lawsuit last September, but left the investors to amend their complaint.

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