Investors' Forex-Rigging Claims Against Banks Narrowed
Law360 (May 29, 2020, 4:37 PM EDT) -- Hundreds of investors accusing banks of plotting to manipulate foreign exchange rates can move ahead with the bulk of their antitrust suit, a New York federal judge has ruled, while also limiting the claims they are allowed to pursue.
Nearly 1,300 investment firms and government entities, led by Allianz Global Investors GmbH, that opted out of class action litigation are bringing their own suit against some of the world's largest banks, including Bank of America, claiming they used chat rooms to talk among traders and manipulate forex benchmarks and bid-ask spreads.
But the financial institutions have challenged the opt-out litigants' action...
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