Class action suit accuses Wall St's big banks of interest rate swaps collusion
Ten banks, two trading platforms alleged to have prevented the trading of these swaps on electronic exchanges, hence hindering competition
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A CLASS action lawsuit, filed on Wednesday, accuses 10 of Wall Street's biggest banks and two trading platforms of conspiring to limit competition in the US$320 trillion market for interest rate swaps.
The class action lawsuit, filed in the US District Court in Manhattan, accuses Goldman Sachs Group, Bank of America Merrill Lynch, JPMorgan Chase, Citigroup, Credit Suisse Group, Barclays Plc, BNP Paribas SA, UBS, Deutsche Bank AG , and the Royal Bank of Scotland of colluding to prevent the trading of interest rate swaps on electronic exchanges, like the ones on which stocks are traded.
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