The US District Court for the Southern District of New York allows alleged manipulation of foreign exchange rates claim to go forward, distinguishing the case from the LIBOR ones (FX Benchmark rates)

Motion to Dismiss Denied in FX Rigging Case* A federal judge in New York on Wednesday allowed a consolidated class action by U.S.-based investors concerning the rigging of the foreign exchange (FX) market to move forward. In denying a motion to dismiss, U.S. District Judge Lorna G. Schofield ruled that the allegations in the complaint were sufficient to warrant discovery and, possibly, trial. In her decision, Judge Schofield described the allegations as involving “a long-running conspiracy among the world’s largest banks to manipulate the benchmark rates in one of the world’s

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Authors

  • Siemens (New York)
  • Patterson Belknap Webb & Tyler (New York)

Quotation

Deirdre McEvoy, Kathrina Szymborski, The US District Court for the Southern District of New York allows alleged manipulation of foreign exchange rates claim to go forward, distinguishing the case from the LIBOR ones (FX Benchmark rates), 29 January 2015, e-Competitions Bulletin January 2015, Art. N° 71407

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