Bank of America Corp and Royal Bank of Scotland Group Plc have been sued by inve...
NEW YORK - Bank of America Corp and Royal Bank of Scotland Group Plc have been sued by investors in the United States over their alleged roles in a conspiracy among eight banks to rig prices in the $9.4 trillion European government bond market.
It followed a Jan. 31 announcement by the European Union’s antitrust authority accusing the eight banks of being part of a cartel to distort bond prices from 2007 to 2012. The banks’ tactics were “strikingly similar” to those used in the foreign exchange market, the complaint said, where banks paid more than $10 billion in fines to settle enforcement claims in several countries. Several banks also entered guilty pleas.
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