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Politics judge lets lawsuit against Deutsche Bank and others in the foreign exchange scandal on

12:15  29 may  2020
12:15  29 may  2020 Source:   de.reuters.com

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The logo of Deutsche Bank is pictured on a company's office in London © Reuters / SIMON DAWSON The logo of Deutsche Bank is pictured on a company's office in London

New York (Reuters) - The scandal of manipulations in the foreign exchange market could be for Deutsche Bank and 14 other money houses have another expensive aftermath.

A US judge approved the lawsuit of institutional investors such as the world's largest asset manager Blackrock and Allianz subsidiary Pimco. Judge Lorna Schofield judged in Manhattan on Thursday that the almost 1,300 plaintiffs were plausible that the banks tightened reference prices between 2003 and 2013 in order to make a profit at the expense of investors. However, Schofield limited the lawsuit in some parts and did not allow some of the Allianz plaintiffs.

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The lawsuit began in November 2018 after plaintiffs opted out of a similar class action lawsuit that ended in a $ 2.3 billion settlement with most banks. They now hope to get more money out of it.

In addition to Deutsche Bank, the plaintiffs accuse Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered and UBS . Secondly, they controlled more than 90 percent of the global foreign exchange market, where $ 6.6 trillion is turned in every day. Regulators around the world had fined banks more than $ 10 billion for manipulating the foreign exchange market.

Plaintiffs, including many exchange-traded index funds (ETFs), accuse the banks of improperly sharing confidential orders and trading positions. To do this, they agreed in chat rooms with names like "The Cartel", "The Mafia" or "The Bandit Club". In addition, they would have used fraudulent trading practices.

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