The first in a series of posts on pre-trial activity examines the court’s decision to deny Credit Suisse’s motion to decertify the class.
Continue reading In re Foreign Exchange Benchmark Rates Antitrust Litigation – Court Denies Motion to Decertify Class
A few weeks ago, we published an overview of the third consolidated amended class action complaint and the subsequent motion for summary judgment filed by Credit Suisse, the sole remaining Continue reading In re Foreign Exchange Benchmark Rates Antitrust Litigation – Court denies Summary Judgement to Remaining Defendant
While we’ve posted frequently on different aspects of the rigging of the foreign exchange markets (see here, here, and here, for example), we haven’t gone into much detail on one of the largest cases: In re Foreign Exchange Benchmark Rates Antitrust Litigation, Index. No. 13-cv-7789 (SDNY). I’m here to fix that! Today’s post will cover the motions (and cross-motions) for summary judgment, and, at the same time, try to fill any gaps left by our earlier discussions. Continue reading In re. Foreign Exchange Benchmark Rates Antitrust Litigation – Summary Judgment Briefing
LAW 360 (subscription required) reports that four bank defendants–UBS Group AG, SocGen, RBS PLC, and MUFG Bank, Ltd.–have been dismissed from a pending foreign exchange bid-rigging action in the S.D.N.Y. District Judge Lorna Schofield dismissed UBS Group AG because the complaint did not allege that it had participated in the alleged manipulation activity, and that the plaintiffs had conflated it with other UBS entities. SocGen, RBS, and MUFG Bank were all dismissed for lack of personal jurisdiction, on the grounds that none of their conduct was directed at New York such that they could “reasonably anticipate being haled into court” in New York. The action, Contant v. Bank of America, remains pending against other defendants, including Barclays, BNP Paribas, HSBC, Standard Chartered, and UBS AG. Continue reading Four Bank Defendants Dismissed From S.D.N.Y. ForEx Lawsuit
Today, CNBC, Reuters, and the E.U. itself itself are reporting that the European Commission has fined Barclays, Citigroup, J.P. Morgan, MUFG, and Royal Bank of Scotland a total of 1.07 billion Euro ($1.2 billion) for rigging the spot foreign exchange market for 11 currencies. The bid-rigging was carried out by traders from the various banks communicating with each other over Bloomberg terminals. The fines covered two separate schemes, one taking place between 2007 and 2013, and the other between 2009 and 2012. UBS received immunity because it had reported the bid-rigging schemes to the Commission, thereby avoiding a fine of 285 million Euro. Continue reading E.U. Hands Down $1.2 Billion Fine For Rigging ForEx Markets
On June 20, 2018, the New York State Department of Financial Services announced that it has fined Deutsche Bank $205 million for “for violations of New York banking law, including efforts to improperly coordinate trading activity through online chat rooms, improperly sharing confidential customer information, trading aggressively to skew prices, and misleading customers.” Continue reading NY Fines Deutsche Bank $205 Million for Forex Market Manipulation
The Associated Press reports that Goldman Sachs agreed to pay a fine of over $110 million to settle allegations by the New York State Department of Financial Services and the Federal Reserve Board that its foreign exchange traders “participated in chat rooms, sometimes using code names, to discreetly share confidential customer information with other global bank traders to affect foreign exchange prices.” Continue reading Goldman Sachs Fined for Forex Practices
