Banks Win Preliminary Approval of $80 Million Bond-Rigging Deal

Bank of America Corp. and Citigroup Inc. units are among six banks that won preliminary approval of an $80 million deal to settle claims they rigged competition in the European government bond market.

Judge Victor Marrero of the US District Court for Southern District of New York on Monday granted preliminary approval of the deal, marking a milestone in the litigation over conduct extending back two decades. A settlement conference is set for Dec. 6.

The $80 million deal between investor plaintiffs and defendants including subsidiaries of Jefferies Financial Group Inc., NatWest Group Plc, Nomura Holdings Inc., and UBS ...