UBS, 5 Other Banks Ink $100M Muni Derivatives Deal
Law360, New York (February 24, 2016, 12:54 PM EST) -- Six investment banks, including UBS AG, Societe Generale SA and Natixis Funding Corp., agreed to pay more than $100 million to settle private class action claims they fixed prices and rigged bids for municipal derivatives, signalling a potential end to multidistrict litigation in the area, according to a Wednesday court filing.
Under the proposed settlement, UBS will pay the largest portion, at $32 million, followed by Natixis, which has agreed to shell out more than $28.4 million. Societe Generale will pay $25.4 million. Other settling firms include Piper Jaffray & Co., National Westminster Bank PLC and George K. Baum & Co.,...
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