Law360, Los Angeles (June 3, 2016, 9:02 PM EDT) -- Credit Suisse Group AG, Deutsche Bank AG and the other financial giants still defending against multidistrict litigation that accuses banks of rigging the foreign exchange market contended in New York federal court Thursday that investors lack standing to bring antitrust claims.Nine banks in the case have settled or are in the process of settling, but the seven that remain argued that a recent Second Circuit ruling in a case over alleged Libor rigging supports their bid to throw out the investors' antitrust claims, in part because they duplicate the efforts of dozens of regulators the world over, according to the... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
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 dismiss the antitrust claims from court . The banks argue investors are not efficient enforcers of antitrust law while investors claim the banks ' attempts to dismiss the case will leave victims of antitrust violations without a way to recover losses . Investigations into the potential conspiracy within the foreign exchange market have costs the banks $ 9.5bn in fines , penalties and costs so far , with more costs expected as disputes continue .