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US: Banks win dismissal in bond rigging lawsuit

 |  August 29, 2018

A US judge has dismissed an antitrust lawsuit by investors that accused nine big banks of rigging the roughly US$9 trillion government agency bond market from 2005 to 2015, Reuters reported.

On Wednesday, August 29, US District Judge Edgardo Ramos in Manhattan said the investors failed to show they were injured by conducting any specific transactions in US dollar-denominated supranational, sub-sovereign, and agency bonds that were tainted by the alleged collusion.

The defendants included Barclays, BNP Paribas, Citigroup, Credit Agricole, Credit Suisse, HSBC, Nomura, Royal Bank of Canada, and Toronto-Dominion Bank.

Dan Brockett, a lawyer for the investors, said his clients plan to amend their complaint.

He also said Ramos’ decision, which is dated August 24, does not affect Deutsche Bank’s and Bank of America’s respective US$48.5 million and US$17 million settlements in the case in August 2017.

Full Content: Reuters

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