Court admits suit from Blackrock & Co.

UBS and Credit Suisse, along with other major banks, have suffered defeats before an American court. The billions lawsuit surrounding the currency manipulation scandal may continue.

Between 2003 and 2013, traders from various major banks are said to have coordinated to manipulate exchange rates. In particular, they were dealers of UBS Credit Suisse (CS), Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Royal Bank of Canada, Royal Bank of Scotland, Société Générale and Standard Chartered were involved in the currency manipulation

According to a report by the Swiss news agency «AWP», a US judge gave a judgment yesterday (Thursday) that a lawsuit of around 1,300 victims is admissible, including institutional investors such as the world’s largest asset manager and Blackrock the US fund house Pimco. However, the judge did Lorna Schofield, the lawsuit is restricted in some parts and a few plaintiffs are not admitted.

Expensive lawsuit

This lawsuit is similar to that of 2018, which ended in a $ 2.3 billion settlement with most of the banks mentioned. The above complainants got out to get more money in a separate comparison.

In the Forex scandal, the dealers of the above banks became notoriously famous for discussing their intentions in chat rooms and Whatsapp groups, to which they gave coherent names such as “The Cartel,” “The Mafia,” or “The Bandits’ Club.” have how finews.ch already reported in 2014. There was communication in part in agent style with codes and secret signs that the former UBS dealer Matt Gardiner to the jury of a New York court.