Article: Nine banks to pay $2 billion to US investors in rate-rigging case

Article - Media

Nine banks to pay $2 billion to US investors in rate-rigging case

Pinsent Masons, 18 August 2015

Nine of the world’s largest banks have agreed to pay a total of $2 billion in compensation to investors in the US over the manipulation of exchange rates, and to cooperate in litigation against 12 other defendants.

Law firm Hausfeld announced that settlements have been reached with Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, HSBC, JPMorgan, RBS, and UBS on behalf of investors.

The banks will now work with the investors in continuing litigation against Credit Suisse Group, Credit Suisse, Credit Suisse Securities, Deutsche Bank, Deutsche Bank Securities, Morgan Stanley, Morgan Stanley & Co, Morgan Stanley & Co. International, Bank of Tokyo-Mitsubishi., RBC Capital Markets, Société Générale and Standard Chartered. Several of these banks were added to the action last month based on facts found during the investigation, Hausfeld said.

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Article: Complaint Over Auction Rate Securities Market Details Brokers’ Greed

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Complaint Over Auction Rate Securities Market Details Brokers’ Greed

Courthouse News Service, 5 September 2008

In a federal filing replete with lurid examples of document destruction, inside trading, naked greed, lies and market manipulation, the City of Baltimore joins the long list of plaintiffs demanding treble damages from Citigroup, UBS, Merrill Lynch, Morgan Stanley, Bank of America, Lehman Bros., Wachovia and other banks that conspired to prop up the auction rate securities market, until it collapsed in a $300 billion rubble heap from which investors are still digging out.

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