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US: Nine banks win dismissal of Canadian rate-rigging suit

By  |  March 17, 2019

A federal judge in Manhattan dismissed a lawsuit by investors that accused nine large banks, including six from Canada, of conspiring to manipulate a Canadian rate benchmark to improve profits from derivatives trading, reported Reuters.

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    US District Judge Analisa Torres rejected racketeering and antitrust claims by the lead plaintiff, the Fire & Police Pension Association of Colorado, against Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and other banks.

    The proposed class action concerned the alleged suppression from August 2007 to June 2014 of the Canadian Dealer Offered Rate (CDOR), a rate at which banks would lend to corporate clients using bankers’ acceptances, a short-term credit instrument.

    Full Content: Reuters

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