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Banks Sued by Investor Over Agency-Bond Rigging Claims

  • Suit follows probes of SSA bond market in U.S. and U.K.
  • Traders are alleged to have colluded to fix bond prices
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Bank of America Corp. and Deutsche Bank AG were among five banks sued over claims that traders conspired to manipulate trading agency bonds issued by government entities and institutions like the World Bank, harming investors who bought and sold the securities.

The suit by Boston Retirement System, a pension fund representing city workers, follows inquiries by U.S. and U.K. authorities into the market for the debt, known as supranational, sub-sovereign and agency bonds, or SSAs. The probes target alleged illegal collusion in international trading and follow billions of dollars in settlements over claims that banks rigged interest-rate benchmarks and currency markets.