Major Banks to Pay $46M to Settle Antitrust Lawsuit

Major banks, including Goldman Sachs, JPMorgan Chase, and BNP Paribas, have agreed to pay $46 million to settle a lawsuit accusing them of conspiring in interest-rate swaps trading. This settlement follows a whistleblower lawsuit where financial giants like JPMorgan Chase and Bank of America paid $70 million for rigging interest rates on municipal bonds. The settlement in the interest-rate swaps case boosts total settlements to $71 million, with investors alleging collusion to control prices and increase profits. The banks denied wrongdoing, but settlements aim to end costly litigation amidst accusations of blocking competition in various markets, including interbank rates and currencies.