Banks agree to $86.4 million settlement over Mexican bond rigging claims
window 24h
IN SHORT
Eight years after a lawsuit was filed, Mexican banking affiliates of major global financial institutions have agreed to an $86.4 million settlement over claims of rigging the market for Mexican government bonds. The settlement, which requires court approval, includes Bank of America, Santander, BBVA, Citigroup, Deutsche Bank, and HSBC. This agreement resolves all outstanding claims in the long-running antitrust case.
✉Newsletter
PiQ Daily
Pick your topics. Get only what matters, on your cadence.
Key Numbers
$86.4 millionsettlement amount for Mexican bond rigging claims
eight yearsduration of the bond rigging lawsuit
Who's Involved
Bank of America
Mexican banking affiliate involved in bond rigging settlement
Santander
Mexican banking affiliate involved in bond rigging settlement
BBVA
Mexican banking affiliate involved in bond rigging settlement
Citigroup
Mexican banking affiliate involved in bond rigging settlement
Deutsche Bank
Mexican banking affiliate involved in bond rigging settlement
HSBC
Mexican banking affiliate involved in bond rigging settlement
Key facts
Mexican banking affiliates have agreed to an $86.4 million settlement.
The settlement resolves claims of rigging the market for Mexican government bonds.
The lawsuit was filed eight years ago.
The settlement includes Bank of America, Santander, BBVA, Citigroup, Deutsche Bank, and HSBC.
The settlement is pending court approval.
The agreement resolves all remaining claims in the case.
Mexican banking affiliates of several major global financial institutions have agreed to a settlement totaling $86.4 million to resolve claims of rigging the market for Mexican government bonds. The lawsuit, which has been ongoing for eight years, accused these banks of antitrust violations. The settlement, if approved by the court, will resolve all remaining claims in the case.
The financial institutions involved in the settlement include the Mexican affiliates of Bank of America, Santander, BBVA, Citigroup, Deutsche Bank, and HSBC. These entities are alleged to have engaged in practices that manipulated the market for Mexican government bonds.
The antitrust lawsuit has been a protracted legal battle, spanning eight years from its initial filing. The proposed settlement aims to bring a definitive end to the litigation by addressing all outstanding accusations against the banking groups.
↳ Why This Matters
Mexican banking affiliates of several major global financial institutions have agreed to a settlement totaling $86.4 million to resolve claims of rigging the market for Mexican government bonds. The lawsuit, which has been ongoing for eight years, accused these banks of antitrust violations. The settlement, if approved by the court, will resolve all remaining claims in the case.
Frequently asked questions
Investors accused Mexican banking affiliates of several major banks of rigging the market for Mexican government bonds by fixing prices and allocations.
The settlement with the six banks is $86.4 million. Including prior settlements by Barclays and JPMorgan Chase, the total payout is $107.1 million before legal fees.
The alleged conspiracy period was from January 1, 2006, to April 19, 2017.
No, the banks denied wrongdoing in agreeing to settle the case.
What Happens Next
01A judge must approve the preliminary settlement.
02Investors' lawyers may seek up to $28.8 million in fees.
Get the newsletter.
Pick the topics you actually care about. We'll email when there's news worth your time, on the cadence you choose. Cancel any time from your account.
