Banks reach $86.4 million Mexican bond rigging settlement in Manhattan

NEW YORK, Aug ‌17 (Reuters) - Mexican ​banking ​affiliates of Bank of America, Banco Santander, BBVA, Citigroup, Deutsche Bank and HSBC ‌agreed to pay $86.4 million to settle a ⁠long-running antitrust lawsuit by investors who accused them of rigging ‌the market for Mexican ‌government bonds.

• A preliminary settlement filed late Friday in Manhattan federal court would resolve all ​remaining claims in the eight-year-old case, pending a judge's approval.

• The total payout prior to ⁠legal fees would be $107.1 million, including a combined $20.7 million of settlements ​by Barclays and JPMorgan Chase in 2020.

• Citing evidence including chatroom transcripts, investors ​led by several pension funds ‌accused the banks of conspiring from January 1, 2006 to April 19, 2017 ⁠to fix prices and allocations of Mexican government bonds, including by suppressing prices of bonds they buy ⁠and increasing prices of bonds they sell.

• The banks denied ​wrongdoing in agreeing to settle.

• Lawyers for the investors may seek up to one-third of the payout, or $28.8 ‌million, in fees.

• The case is part of more than a decade of ‌litigation in Manhattan accusing big banks of colluding ⁠to rig interest ‌rates, U.S. Treasuries, ​other bonds, currencies and commodities.

(Reporting by Jonathan Stempel in New York. Editing by Mark ‌Potter)

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