“Banks Must Face Interest Rate Swap Class Action: U.S. Judge,” The New York Times
July 28, 2017
A U.S. judge on Friday said investors may pursue part of their nationwide antitrust lawsuit accusing 12 of the world's biggest banks of conspiring to rig the $275 trillion market for interest rate swaps.
U.S. District Judge Paul Engelmayer in Manhattan said 11 of the banks, including Bank of America Corp and JPMorgan Chase & Co, must defend against claims that from 2013 to 2016 they boycotted three upstart electronic platforms for swaps trading, hoping to destroy them.
Investors seeking damages in the proposed class action said banks did this to preserve their 70 percent market share, and boost profit by making trading more costly.