BofA, Citi, Others Hit With Singapore Rate-Rigging Suit
By Bonnie Eslinger (July 1, 2016, 11:00 PM EDT) -- Citibank NA, Bank of America and dozens of other financial institutions were hit with a putative class action in New York federal court Friday by investors alleging a "massive conspiracy" to rig the prices of financial derivatives linked to Singapore's benchmark interest rates.
The suit filed Friday by FrontPoint Asian Event Driven Fund and Sonterra Capital Master Fund stems from an investigation by the Monetary Authority of Singapore that found that 133 traders at 20 banks around the globe had attempted to manipulate submissions used to set the Singapore Interbank Offered Rates, the Swap Offered Rates and foreign exchange benchmarks between...
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