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BofA, JPMorgan, Others To Pay $46M To End Rate-Swaps Suit


June 28, 2024

Several major U.S. and European banks, including Bank of America, JPMorgan Chase & Co. and Deutsche Bank AG, reached a $46 million deal on Thursday to resolve a long-running multidistrict litigation over an alleged plot by the banks to limit market competition over interest rate swaps.

The lead plaintiffs, Public School Teachers’ Pension and Retirement Fund of Chicago and the Los Angeles County Employees Retirement Association, filed a motion for preliminary approval stating they reached an all-cash settlement after extensive negotiations. It will bring the total value of settlements reached in the action to $71 million.

If approved, the settlement will close out eight years of litigation and deliver relief to a proposed class of all individuals and entities who directly, or through an agent, entered into one or more Internal Revenue Service transactions with any of the defendants between Jan. 1, 2008, and June 10, 2024.

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The proposed class is represented by Quinn Emanuel Urquhart & Sullivan LLP, Cohen Milstein Sellers & Toll PLLC and Susman Godfrey LLP.

Read BofA, JPMorgan, Others To Pay $46M To End Rate-Swaps Suit.