Bank of America, Citigroup, and four other banks reached a settlement on the lawsuit regarding manipulation of European bond prices

Bank of America and Citigroup, along with four other banks, have agreed to pay $80 million to settle an antitrust lawsuit filed in New York. These banks were accused of conspiring to manipulate the prices of European government bonds. They allegedly used tactics such as bidding high in bond auctions through online chat rooms to ensure market dominance, and then selling the bonds at inflated prices to mutual funds, pension funds, insurance companies, and other investors. The six banks have denied any wrongdoing and agreed to settle. The settlement agreement is subject to approval by a judge, and once approved, the lawsuit will be resolved with a settlement amount of $120 million