A PYMNTS Company

US: Judge rejects 14 banks’ bid to throw out rate-rigging lawsuit

 |  March 28, 2016

A federal judge in Manhattan on Monday rejected an effort by 14 of the world’s biggest banks to throw out a private lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market.

U.S. District Judge Jesse Furman said investors led by several pension funds and municipalities could pursue federal antitrust claims over an alleged conspiracy to rig “ISDAfix” from 2009 to 2012, and breach of contract and unjust enrichment claims against most defendants. Other claims were dismissed.

The defendants include Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Nomura Holdings Inc, Royal Bank of Scotland Group Plc, UBS AG and Wells Fargo & Co.

Full content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.