Banks including Credit Suisse, Bank of America, Morgan Stanley, Royal Bank of Canada, Standard Chartered, Societe Generale and Deutsche Bank, are continuing the fight against accusations of rigging the foreign exchange market, attempting to throw the antitrust claims from court. The banks have been accused by a group of U.S. lawmakers that they colluded with one another in setting up an artificially low interest rate for their own benefit. TRY LAW360 FREE FOR SEVEN DAYS Investigations into the potential conspiracy within the foreign exchange market have costs the banks $9.5bn in fines, penalties and settlements so far, with more costs expected as disputes continue.
Banks including Credit Suisse, Bank of America, Morgan Stanley, Royal Bank of Canada, Standard Chartered, Societe Generale and Deutsche Bank, are continuing the fight against accusations of rigging the foreign exchange market, attempting to throw the antitrust claims from court. The banks have been accused by a group of U.S. lawmakers that they colluded with one another in setting up an artificially low interest rate for their own benefit. Investigations into the potential conspiracy within the foreign exchange market have costs the banks $9.5bn in fines, penalties and settlements so far, with more costs expected as disputes continue.