US: 11 banks must face class action

On July 28, US District Judge Paul Engelmayer in Manhattan ruled that 11 of the 12 banks named in a lawsuit must defend against claims that they boycotted three electronic platforms for swaps trade with the intention of ruining them.

The banks are facing an antitrust lawsuit claiming that they colluded to rig the US$275 trillion interest rate swap market.

Judge Engelmayer did side with HSBC Holdings by dismissing all claims against the bank. The judge also dismissed the claims of collusion from 2008 to 2012 to block the creation of the electronic platforms.

The remaining defendants in the lawsuit are Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, Morgan Stanley, Royal Bank of Scotland and UBS Group AG.

Full Content: Reuters

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