Six Banks Pay $100 Million for Class Action Claims

Six investment banks, including UBS, Societe Generale, and Natixis Funding Corp., have agreed to pay more than $100 million to class action claims that they fixed prices and rigged bids for municipal derivatives, which could bring to an end a multidistrict litigation filed in New York.

UBS will shoulder the largest share of the settlement, paying $32 million, following by Natixis at $28.4 million. Societe Generale will pay $25.4 million, and the remaining firms of Piper Jaffray, National Westminster Bank, and George K. Baum Co. will pay from $1.4 to $9.75 million.

The settlements apparently took into account the banks’ relative abilities to pay and their profits derived from the alleged price fixing.

If approved, the settlement will follow others in years past by Morgan Stanley, JPMorgan Chase, and others, pushing the total amount recovered for the class to more than $225 million.

The original litigation dates back to 2008, when other municipalities and public entities filed suit against 37 different financial institutions alleging that they stifled competition or gave a false appearance of competition in the municipal derivatives market. The plaintiffs alleged that the conspiracy dated back as far as 1992.

Do You Think Your Case Calls for One or More Class Action Claims?

The attorneys at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms and their employees for their wrongful actions. If you have suffered investment losses of any type, contact us to schedule an appointment or consultation today.

Share This Story

Share your experience with investment fraud, and contribute to a community dedicated to protection and empowerment. Together, we can unveil strategies, share insights, and build a shield against financial deceit.

Let’s Discuss Your Case Today

When fighting for your rights, you may go up against some dangerous enemies. You want an attorney flying by your side to help navigate you through the twists and turns of the legal system. 

I Want To...
No Recovery, No Fees (888) 578-6255

Subscribe to our email!

Subscribe to our email!

Subscribe to our email!

uploadmagnifiercross linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram