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Bond-Rigging: Big Banks Escape Class-Action Lawsuit
Citigroup, Barclays, HSBC, BNP Paribas, Credit Agricole, Credit Suisse, Nomura, RBC, and TD Bank.
Judge Edgardo Ramos tossed out a 2-year old class-action lawsuit against these 9 banks for rigging prices in the market for supranational, sub-sovereign and agency debt - often called SSA bonds - a $9 trillion portion of the bond market. The plaintiffs, led by 2 union pension plans, used 150 chat transcripts to show price manipulation in the agency bond market.
In dismissing the antitrust claim, the judge cited that the plaintiffs did not prove that they themselves were injured by the alleged conspiracy - though he opted not to rule "yea or nay" on the merits of the case. Bank of America and Deutsche Bank previously agreed to pay a combined total of $65.5 million to settle the claims.
Judge Ramos gave the plaintiffs until Oct. 23 to file an amended complaint.
Related Stories: Lawsuits/Arbitrations
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Unpaid Arbitration Awards: Time for a Wall Street Anti-Fraud Fund
April 25, 2019 -
Ex-UBS Compliance Officer on Trial for Insider Trading
November 6, 2018 -
JPMorgan Settles Lawsuit with Black Advisers
September 6, 2018