Wells Fargo Says Litigation Costs Could Exceed Provisions By $1.7 Billion
NEW YORK (Reuters) – A small buying and selling alternate on Thursday filed an antitrust lawsuit accusing Bank of America Corp , Citigroup Inc, JPMorgan Chase & Co and nine other banks of conspiring to close it out of the $9.9 trillion credit score default swap market.
It sued the identical 12 banks in April 2016 for allegedly conspiring to block customers from trading interest rate swaps on its platform. Bear was not accused of fraud, but investors sought to carry it strictly liable and negligent for their losses. Lawyers for the investors stated Credit Suisse Group AG ( CSGN.S ) and Deutsche Bank AG ( ) have but to settle. Deutsche Bank declined to remark. Credit Suisse was not immediately obtainable for comment after market hours. Vivendi said it’s going to release a roughly 25 million euro ($26.6 million) reserve it had set aside for Thursday’s accord. A preliminary …
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