[size=32]Under the pretense of currency manipulation .. World banks before the judiciary
- Two Days Ago
A group of major investment institutions, including BlackRock and Pacific Investment Management of Allianz, are suing 16 banks for allegedly manipulating prices in the $ 5.1 trillion foreign exchange market.
The suit was filed Wednesday before the US Criminal Court in Manhattan, and the plaintiffs themselves decided to withdraw from a similar case that resulted in $ 2.31 billion in settlements with 15 of the 16 banks.
The adjustments came after investigations by regulatory bodies around the world led to fines of more than $ 10 billion on several banks, convictions of some dealers or charges.
The target banks are Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Mitsubishi UFJ of Japan, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered, , And "UBS".
Prosecutors in the lawsuit accused banks of violating the US antitrust law by conspiring from 2003 to 2013 to manipulate currency indices, including closing prices for their own interests by sharing secret orders and trading centers.
The Norwegian Central Bank and the Grand Pension Fund of the California Teachers' Retirement Commission are among a number of other plaintiffs.
The complaint said many plaintiffs planned to launch a similar suit in London against several banks for trading in Europe.
Citigroup's $ 402 million settlement was the largest in the previous litigation, and Credit Suisse has yet to settle the case and there has been no comment so far on the new lawsuit on Wednesday.