12 banks agree $1.9 bn swaps price-fixing settlement

A dozen major banks agreed Friday to pay $1.9 billion to settle allegations of price-fixing in the market for credit default swaps, a derivative that acts as insurance against bond defaults. JPMorgan Chase, BNP Paribas of France and Barclays of Britain were among the banks striking the deal to settle investor allegations in US District Court in Manhattan, a lawyer for the plaintiffs told AFP. "All defendants in the case agreed, including twelve of the world's largest banks," Dan Brockett, the la