Banks must face class action over interest rate swaps: US judge
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A US 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 US$275 trillion market for interest rate swaps.
US 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.
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