JPMorgan (JPM - Free Report) and Barclays PLC (BCS - Free Report) have been asked to pay a total of $20.7 million in order to settle claims by investors that the banks colluded to manipulate the Mexican government bond market. The news was reported by Reuters.
Along with JPMorgan and Barclays, seven other banks have been accused of wrongdoing. However, JPMorgan and Barclays are among the first of the nine banks to settle the proposed class-action lawsuit.
Notably, JPMorgan will pay $15 million, while Barclays is paying $5.7 million. However, while agreeing to settle the claims, both banks denied wrongdoing.
In the filing with the U.S. District Court in Manhattan on Monday, lawyers for the investors said that the “ice breaker” settlements could act as a catalyst for settlements with the other defendants.
The other defendants are affiliates of Banco Santander, S.A., Bank of America (BAC - Free Report) , Banco Bilbao Vizcaya Argentaria, S.A., Citigroup (C - Free Report) , Deutsche Bank Aktiengesellschaft, HSBC Holdings plc and UBS Group AG.
Investors led by several pension funds accused the above-mentioned companies of operating as a “cartel” between January 2006 and April 2017 by sharing prices and other transaction data in a move to boost their profit at the expense of the investors.
Notably, the private hearing began after the antitrust regulator in Mexico, the Federal Economic Competition Commission (“COFECE”), initiated an inquiry into a possible conspiracy.
Last September, U.S. District Judge, Paul Oetken, dismissed the lawsuit against the banks and asked investors to amend their complaint. Now, the $20.7-million settlement requires his approval.
Currently, both JPMorgan and Barclays carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Top 10 Stocks for 2020
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?
Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2020 today >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
JPMorgan (JPM - Free Report) and Barclays PLC (BCS - Free Report) have been asked to pay a total of $20.7 million in order to settle claims by investors that the banks colluded to manipulate the Mexican government bond market. The news was reported by Reuters.
Along with JPMorgan and Barclays, seven other banks have been accused of wrongdoing. However, JPMorgan and Barclays are among the first of the nine banks to settle the proposed class-action lawsuit.
Notably, JPMorgan will pay $15 million, while Barclays is paying $5.7 million. However, while agreeing to settle the claims, both banks denied wrongdoing.
In the filing with the U.S. District Court in Manhattan on Monday, lawyers for the investors said that the “ice breaker” settlements could act as a catalyst for settlements with the other defendants.
The other defendants are affiliates of Banco Santander, S.A., Bank of America (BAC - Free Report) , Banco Bilbao Vizcaya Argentaria, S.A., Citigroup (C - Free Report) , Deutsche Bank Aktiengesellschaft, HSBC Holdings plc and UBS Group AG.
Investors led by several pension funds accused the above-mentioned companies of operating as a “cartel” between January 2006 and April 2017 by sharing prices and other transaction data in a move to boost their profit at the expense of the investors.
Notably, the private hearing began after the antitrust regulator in Mexico, the Federal Economic Competition Commission (“COFECE”), initiated an inquiry into a possible conspiracy.
Last September, U.S. District Judge, Paul Oetken, dismissed the lawsuit against the banks and asked investors to amend their complaint. Now, the $20.7-million settlement requires his approval.
Currently, both JPMorgan and Barclays carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Top 10 Stocks for 2020
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?
Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2020 today >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on BAC - FREE
Get the latest research report on JPM - FREE
Get the latest research report on C - FREE
Get the latest research report on BCS - FREE