Wall Street Banks to Settle CDS Lawsuit for $1.87 Billion
- Parties need seven to 10 days to iron out details, lawyer says
- Banks unfairly made billions in opaque market, investors say
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Some of Wall Street’s biggest financial institutions -- including Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc. and HSBC Holdings Plc -- have agreed to a $1.87 billion settlement to resolve allegations they conspired to limit competition in the lucrative credit-default swaps market.
The banks reached an agreement in principle with a group of investors that includes the Los Angeles County Employees Retirement Association, Daniel Brockett, a lawyer for the group, told a judge in Manhattan federal court on Friday. The sides need seven to 10 more days to iron out some details, Brockett said.