Credit Suisse To Face Investors’ Currency Rigging Lawsuit
On Tuesday, a US judge refused to dismiss a class-action lawsuit by investors who accuse Credit Suisse Group of scheming to rig prices of a roughly $6.6 trillion-a-day foreign exchange market.
Credit Suisse is the final bank defendant left in the antitrust litigation which began in 2013. Since, 15 other banks have reached $2.31 billion of settlements.
Investors claim Credit Suisse traders shared non-public pricing information with traders at other banks, including in an online chat room called “Yen Cartel.”
US District Judge Lorna Schofield said it would be premature to accept Credit Suisse’s stance that it was not part of a single global scheme to rig foreign exchange prices.
However, Schofield also dismissed the investors’ attempt to hold the banking giant liable. She said that, before determining if and how Credit Suisse was involved, it must first be discovered whether there was just one conspiracy or multiple.
In a statement, Credit Suisse said, “We continue to believe that Credit Suisse has strong legal and factual defences, and we look forward to establishing those at trial.”
