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Big banks in $1.865 bln swaps price-fixing settlement
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. District Judge Denise Cote in Manhattan.
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)
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