Law360, New York (August 15, 2016, 8:12 PM EDT) -- Investors in interest rate-rigging litigation against banks including Morgan Stanley & Co. and Nomura Securities International Inc. filed a letter Friday in New York federal court seeking an order to compel the banks to produce key regulatory materials, charging that they have so far resisted providing the data.Noncompliant banks in a court-ordered plan to produce data related to the alleged rigging of benchmark rates used in swaps transactions have refused to offer transaction and other data that the banks previously gave to the Commodity Futures Trading Commission and the Department of Justice, the investors alleged in their letter to U.S.... 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
A number of banks facing a rate-fixing litigation are facing calls to produce key regulatory materials, with the plaintiffs alleging that the banks have so far been resistant to provide the data. The case is being brought by two groups representing customers who were charged interest rates as high as 25 percent on their savings accounts in New York and California.