Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  American International Group Inc    AIG

AMERICAN INTERNATIONAL GROUP INC

(AIG)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

JPMorgan, Morgan Stanley pay most in $1.9 billion swaps price-fixing settlement

10/16/2015 | 10:38pm EST
A view of the exterior of the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York

(Reuters) - JPMorgan Chase & Co, Morgan Stanley and Barclays Plc will pay over half of a more than $1.86 billion settlement resolving investor claims they conspired to fix prices and limit competition in the market for credit default swaps, according to a court filing.

Details of the settlement's breakdown with those and nine other banks were disclosed in papers filed late on Friday, in federal court in Manhattan, a month after the proposed deal was first announced.

JPMorgan will pay $595 million, while Morgan Stanley and Barclays will pay $230 million and $178 million, respectively, according to the filings.

The defendants in the case include Bank of America Corp, BNP Paribas SA, Citigroup Inc, Credit 0Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, Morgan Stanley, Royal Bank of Scotland Group Plc and UBS AG.

Goldman Sachs, Bank of America and Credit Suisse are set to pay about $164 million, $90 million and $159 million, while Deutsche, Citi and BNP Paribas will pay $120 million, $60 million and $89 million.

British banks HSBC and Royal Bank of Scotland will pay $25 million and $33 million.

The International Swaps and Derivatives Association (ISDA) will pay $750,000, while Markit Ltd, which provides credit derivative pricing services, will pay $45 million.

Credit default swaps are contracts that let investors buy protection to hedge against the risk that corporate or sovereign debt issuers will not meet their payment obligations.

The market peaked at $58 trillion in 2007, according to the Bank for International Settlements, but shrank to $16 trillion seven years later as investors better understood its risks.

American International Group Inc's CDS exposure was a major factor behind the 2008 federal bailout of that insurer. In the lawsuit, investors claimed the defendants' activity caused them to pay unfair prices on CDS trades from late 2008 through the end of 2013, even though improved liquidity should have driven costs down.

They also said the banks tried in late 2008 to thwart the launch of a credit derivatives exchange being developed by CME Group Inc by agreeing not to use new CDS platforms and pushing ISDA and Markit not to provide licenses to the exchange. U.S. and European regulators have also examined potential anti-competitive practices in the CDS market.

The investors include the Los Angeles County Employees Retirement Association and Salix Capital US Inc.

The case is In re: Credit Default Swaps Antitrust Litigation, U.S. District Court, Southern District of New York, No. 13-md-02476.

(Reporting by Nate Raymond in New York; Editing by Michael Perry)

By Nate Raymond


© Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN INTERNATIONAL GROUP INC -2.28% 38.16 Delayed Quote.3.30%
BANK OF AMERICA CORPORATION -2.51% 30.12 Delayed Quote.2.80%
BARCLAYS PLC -3.67% 134.32 Delayed Quote.-4.94%
BNP PARIBAS -3.49% 40.525 Real-time Quote.-2.59%
CDS CO., LTD. 2.14% 1387 End-of-day quote.5.72%
CITIGROUP INC. -1.81% 59.6418 Delayed Quote.-1.22%
CME GROUP INC. -2.78% 178.37 Delayed Quote.0.93%
CREDIT SUISSE GROUP AG -1.71% 11.795 Delayed Quote.5.26%
DEUTSCHE BANK AG -2.29% 8.57 Delayed Quote.-1.99%
HSBC HOLDINGS PLC -0.01% 400.15 Delayed Quote.5.64%
LETS HOLDINGS GROUP CO., LTD. -5.09% 7.46 End-of-day quote.-4.11%
MORGAN STANLEY -2.19% 69.625 Delayed Quote.3.91%
NATWEST GROUP PLC -3.71% 147.75 Delayed Quote.-8.47%
THE GOLDMAN SACHS GROUP, INC. -1.68% 276.62 Delayed Quote.7.33%
All news about AMERICAN INTERNATIONAL GROUP INC
04:50aAMERICAN INTERNATIONAL : Dana E. Ripley Joins AIG as Global Head of Media & Exte..
AQ
01/21AMERICAN INTERNATIONAL : Dana E. Ripley Joins AIG as Global Head of Media & Exte..
BU
01/20INSIDER TRENDS : Insider at American International Group Sells Stock for Taxes I..
MT
01/20INSIDER TRENDS : American International Group Insider Sells Stock for Taxes Inte..
MT
01/20INSIDER TRENDS : Insider at American International Group Sells Shares for Tax Sl..
MT
01/20INSIDER TRENDS : American International Group Insider Sells Shares for Tax Slowi..
MT
01/20INSIDER TRENDS : Insider at American International Group Makes Shares Sale for T..
MT
01/20INSIDER TRENDS : Insider at American International Group Disposes of Shares for ..
MT
01/15Axis Capital Bans Insuring New Arctic Oil-And-Gas Drilling
DJ
01/06AMERICAN INTERNATIONAL : AIG Issues Reminder Regarding Expiration of Warrants
AQ
More news
Financials (USD)
Sales 2020 44 484 M - -
Net income 2020 -5 188 M - -
Net Debt 2020 - - -
P/E ratio 2020 -6,62x
Yield 2020 3,32%
Capitalization 33 694 M 33 694 M -
Capi. / Sales 2020 0,76x
Capi. / Sales 2021 0,77x
Nbr of Employees 46 000
Free-Float 45,2%
Chart AMERICAN INTERNATIONAL GROUP INC
Duration : Period :
American International Group Inc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AMERICAN INTERNATIONAL GROUP INC
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 42,69 $
Last Close Price 39,11 $
Spread / Highest target 50,9%
Spread / Average Target 9,15%
Spread / Lowest Target -10,5%
EPS Revisions
Managers and Directors
NameTitle
Brian Duperreault Chief Executive Officer & Director
Peter S. Zaffino President, CEO-Elect, COO & Director
Douglas Mark Steenland Independent Non-Executive Chairman
Mark Donald Lyons Chief Financial Officer & Executive Vice President
John P. Repko Chief Information Officer & Executive VP
Sector and Competitors
1st jan.Capitalization (M$)
AMERICAN INTERNATIONAL GROUP INC3.30%33 694
THE TRAVELERS COMPANIES2.38%36 272
TOKIO MARINE HOLDINGS, INC.1.90%36 139
THE ALLSTATE CORPORATION-0.37%33 302
SAMPO OYJ3.59%24 188
MS&AD INSURANCE GROUP HOLDINGS, INC.-0.92%16 903