NEW YORK, Sept 11 (Reuters) - Twelve major banks havereached a $1.865 billion settlement to resolve investor claimsthat they conspired to fix prices and restrain competition inthe roughly $16 trillion market for credit default swaps, alawyer for the investors said on Friday.
The settlement in principle was disclosed at a hearingbefore U.S. District Judge Denise Cote in Manhattan.
Daniel Brockett, the lawyer for the investors, said Cotegave both sides two weeks to iron out details, before submittinga settlement for her preliminary approval. (Reporting by Jonathan Stempel in New York)