Six Major Banks Pay $100 Million to Settle Muni Deriatives Claims
Today, six banks, including UBS AG, Societe Generale SA and Natixis Funding Corp., have agreed to pay more than $100 million to settle private class action claims that they fixed prices and rigged bids for municipal derivatives, signaling a potential end to the multidistrict litigation in the area.
Under the proposed settlement, UBS will pay the largest portion, believed to be approximately $32 million, followed by Natixis, which has agreed to pay approximately $28.5 million. Societe Generale will reportedly pay $25.4 million.
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