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A large group of investment institutions, including BlackRock and Pacific Investment Management of Allianz, sued 16 world-renowned banks for allegedly manipulating prices in the $ 5.1 billion foreign exchange market.
The plaintiffs filed suit on Wednesday in the US District Court in Manhattan. The plaintiffs themselves decided to "withdraw" from a similar case that resulted in settlements of $ 2.31 billion with 15 of the 16 banks.
Settlements took place after regulators around the world investigated fines and fines of more than $ 10 billion at several banks and sentenced or indicted certain dealers.
The target banks are Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs and HSBC. JPMorgan Chase, Mitsubishi UFJ of Japan, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered and UB.
In the lawsuit filed on Wednesday, prosecutors accused banks of violating US antitrust laws by plotting from 2003 to 2013 to manipulate currency indices, including WM / Reuters closing prices, by sharing secret orders and trading centers, the Norwegian Central Bank and the pension fund. The large California Teachers' Retirement Corps is one of many complainants.
According to the complaint, many plaintiffs were considering bringing a similar action in London against several banks for carrying on business in Europe.
The $ 402 million settlement by Citigroup was the largest of the previous litigation. Credit Suisse has not yet settled the case and there has been no comment to date on Wednesday's new lawsuit.
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