) Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market.
U.S. District Judge Lorna Schofield in Manhattan said the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense. The banks, which sometimes controlled more than 90% of the market, included Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered and UBS or various affiliates.
Banks were also accused of using deceptive trading tactics such as “front running,” “banging the close” and “taking out the filth.”
Funny how 5 years ago...
Outlines the reasons why, if people can, patronizing local credit unions is a great way to help out your community and not these corporate big-wigs
The Federal Reserve is the biggest culprit.
Here is the UK libor scandal all over again. America is one great nightmare of big business and big banking, cheating at every opportunity. Thanks jamiedimon jpmorgan Citi GSCareers back at it again. The grift never dies.
Great time to switch to WellsFargo! They will kiss your feet now with all the shit they’ve pulled. Feds got them lookin like the golden child again 👀
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