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Big banks in $1.865 bln swaps price-fixing settlement

Reuters - UK Focus

NEW YORK, Sept 11 (Reuters) - Twelve major banks have reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and restrain competition in the roughly $16 trillion market for credit default swaps, a lawyer for the investors said on Friday.

The settlement in principle was disclosed at a hearing before U.S (Other OTC: UBGXF - news) . District Judge Denise Cote in Manhattan (Hamburg: 32U.HM - news) .

Daniel Brockett, the lawyer for the investors, said Cote gave both sides two weeks to iron out details, before submitting a settlement for her preliminary approval. (Reporting by Jonathan Stempel in New York)