Group of Investment Institutions sues 16 banks in America under the guise of manipulation of the currency market Latest news



A large group of investment institutions, including Alliance's BlackRock and Pacific Investment Management, sued 16 large banks that reportedly manipulated $ 5.1 trillion in foreign exchange.

The plaintiffs filed a lawsuit yesterday before the US District Court in Manhattan, and the plaintiffs themselves decided to "withdraw" from a similar case that resulted in a settlement of $ 2.31 billion with 15 out of 16 banks.

Adjustments occurred after investigations by regulators around the world led to fines of more than $ 10 billion in several banks, and convictions or allegations by some traders.

The target banks are Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC and JP Morgan. JP Morgan, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered, UBS,

Prosecutors in Wednesday's trial accused banks of violating the US antitrust law by manipulating currency indexes, including WAM / Reuters closing charges for their own benefit by sharing secret orders and business centers between 2003 and 2013.

The Norwegian Central Bank and the large retirement fund of the California Teacher's Retirement Commission are among a number of other prosecutors.

The complaint stated that many prosecutors are planning to launch a similar trial in London against several trading banks in Europe.

Citigroup's settlement of $ 402 million was the largest in the previous trial.

Credit Suisse has not yet resolved the case and no comment has been submitted yet for a new hearing on Wednesday.


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