Credit Suisse Scores a Win in FX Rigging Trial Others Settled
- Jury returns verdict in favor of bank in class-action case
- Credit Suisse was lone holdout in case; 15 banks had settled
A passenger tram travels past the Credit Suisse Group AG headquarters in Zurich, Switzerland.
Photographer: Stefan Wermuth/BloombergThis article is for subscribers only.
Credit Suisse Group AG won a class-action trial over alleged price-fixing in the foreign-exchange market, vindicating its decision to fight rather than settle a lawsuit that originally threatened it with as much as $19 billion in potential damages.
Jurors in New York on Thursday returned a verdict for Credit Suisse, which denied colluding with other banking giants to fix the bid-ask spreads for currency trades and profit at the expense of customers. The verdict, if not successfully appealed, would resolve the biggest remaining case against Credit Suisse over its foreign exchange trading.