US: Forex investors seek shorter stay Than DOJ in antitrust suit

Investors accusing a slew of major banks of manipulating foreign exchange markets asked a New York federal court Friday to reject the US Department of Justice’s bid for a “blanket” discovery stay in favor of a shorter, more limited pause on discovery.

The plaintiffs in the putative class action against Bank of America Corp., Barclays PLC and others suggested a “limited, staged” three-month stay that would allow some discovery to move forward while the DOJ’s grand jury investigation is pending instead of the six-month halt.

Under the terms the plaintiffs have suggested, the investors would still be able to get attorney proffers from any banks who settle the case.

“Plaintiffs understand DOJ’s concerns regarding the secrecy of its investigation,” the plaintiffs wrote. “In response, plaintiffs agree to postpone obtaining production of other documents, witness interviews, and testimony pursuant to any settlement agreements in in discovery until the end of DOJ’s stay.”

Full Content: Law 360

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