State Street Has ‘Icebreaker’ Deal to Cooperate in Bond Case

State Street Corp. has reached a “cooperation only” settlement resolving antitrust claims over its alleged role in a scheme by leading global banks to rig the $8 trillion market for European government bonds, according to a federal court filing in Manhattan.

The pension funds leading the proposed class action sought preliminary approval from Judge Victor Marrero for the agreement, which would end antitrust litigation against State Street in the U.S. District Court for the Southern District of New York.

Although the deal doesn’t include a payment, “State Street’s crucial cooperation” gives the plaintiffs a “clear tactical advantage” over the other ...