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US: 4 more banks added to bond-fixing lawsuit

By  |  April 16, 2017
US: 4 more banks added to bond-fixing lawsuit

A group of investors who are suing a group of traders and banks, saying they colluded to fix bond prices, have named four more banks as defendants. An amended copy of their lawsuit, filed in US District Court in Manhattan on Monday, shows BNP Paribas, HSBC, RBC and TD Bank have been added to the suit, which alleges that various banks and individuals manipulated the US dollar-denominated sovereign, supranational and agency (SSA) bond market.

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    The amended law suit also names Bond trader Gary McDonald, who worked at three of the banks. The lawsuit alleges McDonald was also involved in colluding to fix bond prices.

    The recently added banks join Bank of America Merrill Lynch, Credit Agricole, Citi, Credit Suisse, Deutsche Bank and Nomura as defendants, along with individual defendants Hiren Gudka, Bhardeep Singh Heer, Amandeep Singh Manku and Shailen Pau, who have been named in previous lawsuits.

    Full Content: Business Recorder

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