Big Banks Are Accused Of CDS Market Manipulation Scheme
Law360 (July 2, 2021, 7:37 PM EDT) -- Major Wall Street banks have taken part in a more than decadelong, multibillion-dollar scheme to manipulate the benchmark prices used to value credit default swap contracts at settlement, New Mexico's State Investment Council has alleged in a new proposed antitrust class action.
In a complaint filed Wednesday in Albuquerque federal court, the state's investment panel accused Bank of America, Citigroup, Deutsche Bank and other leading CDS dealers of exploiting their market power and informational advantages to rig the auctions that determine payouts when credit default swaps are settled.
In the process, these dealers have managed to rake in billions of...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!