Article: Pandemic May Disrupt Discovery In Credit Suisse Forex Case

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Pandemic May Disrupt Discovery In Credit Suisse Forex Case

Dean Seal, 17 April 2020

Counsel for investors and Credit Suisse cited the COVID-19 pandemic Monday when they asked a New York federal judge to push their discovery deadlines in a suit over alleged foreign exchange market manipulation by nine weeks.

In a letter to U.S. District Judge Lorna G. Schofield, attorneys for both sides in the long-running litigation said that in light of the threat to public health posed by the novel coronavirus, as well as the disruptions it has caused in air travel, continued discovery efforts would be risky and exceedingly difficult.

“This extension will allow the parties to postpone pending depositions to protect health and minimize travel while the parties assess the ongoing developments related to COVID-19,” the attorneys said. “The parties agree they will suffer no prejudice from this extension. The parties only make this request in light of the exceptional circumstances at hand.”

The parties said they are willing to submit a joint status update to Judge Schofield on May 14 indicating whether any other schedule modifications are needed. Discovery in the case against Credit Suisse AG, the lone nonsettling major bank implicated in a scheme to fix foreign exchange spreads and manipulate prices, has stretched across borders, and the attorneys expect that scheduled depositions in London and the U.S. over the next two months could be impeded by the COVID-19 spread.

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