07:28 AM EDT, 06/28/2024 (MT Newswires) -- Major banks including Bank of America ( BAC ) , Goldman Sachs ( GS ) and JPMorgan Chase ( JPM ) have agreed to pay $46 million to settle a lawsuit accusing them of colluding to manipulate the $465.9 trillion market for interest rate swaps.

The agreement, which still requires approval from US District Judge Paul Oetken, will increase the total amount of all settlements related to this case to $71 million.

Other banks included in the agreement include Barclays ( JJCTF ) , Citigroup ( C ) , Deutsche Bank (DB), Morgan Stanley ( MS ) , NatWest Group ( NWG ) , and UBS (UBS), according to a preliminary settlement filed with the US District Court for the Southern District of New York on Thursday.

Investors, including the city of Baltimore and pension funds from Chicago, Los Angeles and Michigan, alleged that from 2013 and 2016, the banks tried to dominate the swaps market by boycotting three emerging platforms offering better prices and allowing buy-side investors to trade directly with each other.

All of the settling banks denied they have violated any laws or engaged in wrongful conduct.

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