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International financial oversight bodies have concluded their scrutiny of alleged misconduct in the SSA bond market, leading to various settlements and fines. The U.S. Department of Justice (DoJ) and the U.K.’s Financial Conduct Authority (FCA) completed their probes without finding any wrongdoing. However, European regulators found that four major banks violated competition laws. Consequently, three of these institutions faced penalties totaling €28.5 million in 2021, with one bank receiving immunity for its cooperation.

Following the regulatory actions, investors launched class-action lawsuits in multiple countries, alleging improper information sharing among some of the world's largest financial institutions. In the United States, a significant settlement was reached, amounting to US$95.5 million, involving three banks. Meanwhile, Canadian courts approved a much smaller settlement of $6.5 million in November 2024. This settlement involved nine additional banks, including RBC and TD, which had not been implicated by regulators but chose to settle nonetheless. Deutsche Bank contributed the largest share, paying approximately $2.2 million, while other banks paid between $150,000 and $500,000 each.

The federal court acknowledged that the settlement amounts were modest compared to the initial claims. Nevertheless, considering the legal risks and costs associated with pursuing further litigation, the terms were deemed satisfactory. After deducting legal fees and expenses, approximately $3.1 million will be distributed among qualifying institutional investors. These investors must have engaged in SSA bond trades valued at a minimum of $10 million during the specified period from 2005 to 2015. The deadline for participating in this settlement is July 25.

This resolution underscores the importance of transparency and fair practices in financial markets. It highlights the role of regulatory bodies in ensuring market integrity and protecting investor interests. Despite the relatively small settlement amounts, the outcome serves as a reminder of the need for vigilance and ethical conduct in global financial transactions.