U.S. Judge Orders 15 Banks To Face Big Investors’ Currency Rigging Lawsuit

[Franklin Pierce]

NEW YORK (Reuters) – A U.S. judge on Thursday said institutional investors, including BlackRock Inc <BLK.N> and Allianz SE’s <ALVG.DE> Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market.

U.S. District Judge Lorna Schofield in Manhattan said the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense.

“This is an injury of the type the antitrust laws were intended to prevent,” Schofield wrote in a 40-page decision.

The banks, which sometimes controlled more than 90% of the market, included Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered and UBS or various affiliates.

In their complaint, the plaintiffs accused the banks of improperly sharing confidential orders and trading positions, and using chat rooms with such names as “The Cartel,” “The Mafia” and “The Bandits’ Club.”

Banks were also accused of using deceptive trading tactics such as “front running,” “banging the close” and “taking out the filth.”

MORE HERE:
U.S. judge orders 15 banks to face big investors’ currency rigging lawsuit | One America News Network

 

[Rasputin_Vol]

Old news. Nothing to see here. Nothing will come of this.

If there were justice in this world, it would be the top dogs at these banks getting the Tebow knee on their necks instead of small time street hustlers.

 

[Thunder Good-Oil]

Old news. Nothing to see here. Nothing will come of this.

If there were justice in this world, it would be the top dogs at these banks getting the Tebow knee on their necks instead of small time street hustlers.

BlackRock isn't a small time street hustler. They're the biggest asset manager on Earth.

 

[Rasputin_Vol]

BlackRock isn't a small time street hustler. They're the biggest asset manager on Earth.

I wasn't referring to BlackRock. I was obviously referring to the counterfeiter/forger George Floyd.

 

[Thunder Good-Oil]

I wasn't referring to BlackRock. I was obviously referring to the counterfeiter/forger George Floyd.

There's no room for those loose cigarette hustlers either. Our economic system will collapse with these rogue traders disrupting the fabric of our capitalist system. Lemonade stand proprietors are a dangerous threat as well.

 

[Purple Tiger]

There's no room for those loose cigarette hustlers either. Our economic system will collapse with these rogue traders disrupting the fabric of our capitalist system. Lemonade stand proprietors are a dangerous threat as well.

You're talking about small scale BS vs. billions stolen by white collar criminals. Not in the same category no matter how hard to try to shove it in there.

 

[Thunder Good-Oil]

You're talking about small scale BS vs. billions stolen by white collar criminals. Not in the same category no matter how hard to try to shove it in there.

Your sarcasm detector needs to calibrated.