A federal judge in Manhattan dismissed a lawsuit by investors that accused nine large banks, including six from Canada, of conspiring to manipulate a Canadian rate benchmark to improve profits from derivatives trading, reported Reuters.
US District Judge Analisa Torres rejected racketeering and antitrust claims by the lead plaintiff, the Fire & Police Pension Association of Colorado, against Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and other banks.
The proposed class action concerned the alleged suppression from August 2007 to June 2014 of the Canadian Dealer Offered Rate (CDOR), a rate at which banks would lend to corporate clients using bankers’ acceptances, a short-term credit instrument.
Full Content: Reuters
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