According to a report from Reuters, a group of large institutional investors including BlackRock and Allianz’s Pacific Investment Management has sued 16 major banks, accusing them of rigging prices in the roughly US$5.1 trillion-a-day foreign exchange market.
The lawsuit was filed on Wednesday, November 7, in the US District Court in Manhattan by plaintiffs that decided to “opt out” of similar nationwide litigation that has resulted in US$2.31 billion of settlements with 15 of the banks.
Those settlements followed worldwide regulatory probes that have led to more than US$10 billion of fines for several banks, and the convictions or indictments of some traders.
Featured News
Facebook’s Legal Battle Over Data Misuse Disclosure Reaches US Supreme Court
Nov 6, 2024 by
CPI
UK’s CMA Raises Concerns Over Boparan’s Feed Mill Acquisition
Nov 6, 2024 by
CPI
Mexico’s Congress to Vote on Reform Dismantling Energy and Telecom Watchdogs
Nov 6, 2024 by
CPI
Wizz Air Loses Challenge to TAROM’s State Aid in European Court
Nov 6, 2024 by
CPI
EU Probes Visa and Mastercard Over Impact of Payment Fees on Retailers
Nov 6, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Remedies Revisited
Oct 30, 2024 by
CPI
Fixing the Fix: Updating Policy on Merger Remedies
Oct 30, 2024 by
CPI
Methodology Matters: The 2017 FTC Remedies Study
Oct 30, 2024 by
CPI
U.S. v. AT&T: Five Lessons for Vertical Merger Enforcement
Oct 30, 2024 by
CPI
The Search for Antitrust Remedies in Tech Leads Beyond Antitrust
Oct 30, 2024 by
CPI