Credit Suisse Is Final Holdout in Forex Market Rigging Case Going to Trial
- Class-action trial over 2007-2013 chat room collusion claims
- Company faces jury after 15 banks settled for $2.3 billion
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Credit Suisse Group AG is the last of 16 banks to face a US class-action lawsuit accusing it of conspiring with others to rig the foreign exchange market.
Jurors in New York began hearing opening statements Tuesday in a case by a class of investors including pension funds that claims the bank used online chat rooms from late 2007 through 2013 to fix the spreads for currency pairs. The suit alleges this was done with traders from other international banking giants, including Citigroup Inc., UBS Group AG, Barclays Plc, JPMorgan Chase & Co., HSBC Holdings Plc. and Deutsche Bank AG.