NEW YORK (Reuters) – HSBC Holdings Plc has agreed to pay $30 million to settle litigation by investors who accused 11 big banks of rigging the roughly $9 trillion government agency bond market from 2009 to 2015.
The settlement with the British bank was made public late Wednesday night in the federal court in Manhattan, and requires approval by U.S. District Judge Edgardo Ramos.
HSBC is the third bank to settle, after Deutsche Bank AG and Bank of America Corp agreed in August 2017 to pay a respective $48.5 million and $17 million and cooperate with the plaintiffs.
Investors led by two Alaska government entities and the Iron Workers Pension Plan of Western Pennsylvania accused banks of colluding to manipulate prices of U.S. dollar-denominated supranational, sub-sovereign and agency bonds.
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