Article: Court Dismisses Some FX Rigging Claims Against Credit Suisse

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Court Dismisses Some FX Rigging Claims Against Credit Suisse

Aziz Abdel-Qader, 04 September 2019

A New York judge overseeing litigation accusing 16 banks of rigging prices in the foreign exchange market on Wednesday narrowed, but refused to dismiss antitrust lawsuits against Credit Suisse Group AG.

A group of investors has sued the global banks back in May for allegedly rigging prices for their own benefit by sharing confidential orders and trading positions.

The plaintiffs accused the banks of violating U.S. antitrust law by conspiring from 2003 to 2013 to manipulate FX prices, benchmarks, and bid/ask spreads.

In determining the acceptance of a collective action lawsuit, the court considers whether there is anything particularly unique that can’t be addressed in individual complaints.

Many of the plaintiffs, which include big names such as BlackRock Inc and Allianz SE’s Pacific Investment Management Co, plan to pursue similar litigation in London “against many of the bank defendants with respect to trades in Europe,” the 221-page complaint said.

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