The legal cases involving market manipulation of interest rate swaps, in which UBS is also implicated, could be approaching a conclusion. A settlement has yet to be confirmed by the court.
A lawsuit seeking compensation for manipulation of the interest rate swaps market appears to be nearing an end after years. According to court documents reported by «Reuters,» ten banks, including UBS, have settled with the plaintiffs in the antitrust case, agreeing to pay $46 million.
The plaintiffs in the eight-year-long case are the city of Baltimore and various pension funds from other cities. The settlement still requires court approval.
Manipulation of Swap Rates
The allegation is that the banks harmed investors by manipulating swap rates between 2013 and 2016. In addition to UBS, the banks involved are Bank of America, Goldman Sachs, J.P. Morgan, Barclays, BNP Paribas, Citigroup, Deutsche Bank, Morgan Stanley, and NatWest. The banks have denied any wrongdoing.
Credit Suisse, now part of UBS, had already paid $25 million to investors in 2022.
