US judge orders 15 banks to face big investors' currency rigging lawsuit:
The Straits Times, 29 May 2020
A US judge ordered institutional investors can pursue much of their lawsuit accusing 15 major banks of rigging prices in the US$6.6 trillion-a-day foreign exchange market. The Judge stated the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense, which is an injury of the type the antitrust laws were intended to prevent. In the alleged complaint, the plaintiffs accused the banks of improperly sharing confidential orders and trading positions.
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