According to a report from Reuters, a group of large institutional investors including BlackRock and Allianz’s Pacific Investment Management has sued 16 major banks, accusing them of rigging prices in the roughly US$5.1 trillion-a-day foreign exchange market.
The lawsuit was filed on Wednesday, November 7, in the US District Court in Manhattan by plaintiffs that decided to “opt out” of similar nationwide litigation that has resulted in US$2.31 billion of settlements with 15 of the banks.
Those settlements followed worldwide regulatory probes that have led to more than US$10 billion of fines for several banks, and the convictions or indictments of some traders.
Full Content: Reuters
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