Big banks close to $1.9B settlement in price-fixing case

Twelve major banks have tentatively agreed to pay $1.87 billion to settle allegations that they colluded to fix prices and lock out competitors in the market for insurance-like products widely traded before the financial crisis, according to a lawyer for investors. The deal, if finalized, would be one of the largest U.S. anti-trust settlements, said Daniel Brockett, a lawyer representing a Los Angeles pension fund among other plaintiffs.
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