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US Court Finds Credit Suisse Was Not Guilty Of Forex Price-Fixing

 |  October 20, 2022

A US jury found on Thursday that Credit Suisse did not conspire with the world’s largest banks to rig prices in the foreign exchange market between 2007 and 2013, handing the bank a win as it works to restructure and put a string of scandals behind it.

The case stems from the forex rigging scandal, which led to international regulatory probes resulting in more than $10 billion in fines for several banks.

Related: Credit Suisse Agrees To Settle US Antitrust Suit

A Credit Suisse spokesperson said the bank is “extremely pleased that the jury agreed with us that plaintiffs’ case had no merit.”

Credit Suisse was the last bank defendant remaining in the class action brought by currency investors in 2013, after 15 others reached settlements worth $2.31 billion. The investors alleged that Credit Suisse traders shared nonpublic pricing information with traders at other banks.

During the trial in Manhattan federal court which began on Oct. 11, jurors heard testimony that in 2015 five banks had pleaded guilty to forex-related antitrust conspiracies, and saw transcripts from chat rooms with names such as “The Cartel” where investors said traders colluded.

The jury began deliberations on Wednesday and worked for a total of around seven hours to reach their verdict. They found that investors had proved there was a conspiracy to rig prices in the forex market, but not that it involved Credit Suisse.