16 ma­jor banks sued in US over rig­ging mar­ket

The New Paper - - NEWS -

NEWYORK A group of large in­sti­tu­tional in­vestors, in­clud­ing Black­Rock and Al­lianz SE’s Pa­cific In­vest­ment Man­age­ment, has sued 16 banks, ac­cus­ing them of rig­ging prices in the roughly US$5.1 tril­lion-a-day (S$7 tril­lion) for­eign ex­change mar­ket.

The law­suit was filed on Wed­nes­day in Man­hat­tan by plain­tiffs that de­cided to “opt out” of sim­i­lar na­tion­wide lit­i­ga­tion that re­sulted in US$2.31 bil­lion of set­tle­ments. Those fol­lowed world­wide probes that have led to more than US$10 bil­lion of fines and the con­vic­tions of some traders.

The banks be­ing sued are: Bank of Amer­ica, Bar­clays, BNP Paribas, Cit­i­group, Credit Suisse, Deutsche Bank, Gold­man Sachs, HSBC, JP­Mor­gan Chase, Morgan Stan­ley, Ja­pan’s MUFG Bank, Royal Bank of Canada, Royal Bank of Scot­land, So­ci­ete Gen­erale, Stan­dard Char­tered Bank and UBS.

The plain­tiffs ac­cused the banks of con­spir­ing from 2003 to 2013 to rig cur­rency bench­marks by shar­ing con­fi­den­tial or­ders and trad­ing po­si­tions.

“...De­fen­dants re­strained trade, de­creased com­pe­ti­tion, and ar­ti­fi­cially in­creased prices, thereby in­jur­ing plain­tiffs,” the com­plaint said.– REUTERS

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