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11 April 2017 - Four more banks named in bond price-fixing lawsuit
BNP ParibasSource - http://uk.reuters.com/article/uk-banks-bonds-lawsuit-idUKKBN17D2KDWhere -
United States of AmericaBusiness line -
Trading and Sales
Four more banks have been named as defendants by a group of investors suing for alleged bond price fixing.
An updated copy of the lawsuit shows BNP Paribas, HSBC, RBC and TD Bank have all been added to the suit, which claims a number of banks and traders manipulated the US dollar-denominated sovereign, supranational and agency (SSA) bond market.
Other banks in the suit include Bank of America Merrill Lynch, Credit Agricole, Citi, Credit Suisse, Deutsche Bank and Nomura. Individual defendants include Hiren Gudka, Bhardeep Singh Heer, Amandeep Singh Manku and Shailen Pau.
The alleged collusion dates back to 2005 and lasted for almost 10 years.
“This case concerns a brazen conspiracy to manipulate the market for US dollar denominated supranational, sovereign, and agency bonds,” says the lawsuit. “Rather than the dealer defendants competing with each other for the purchase and sale of SSA bonds to investors and to each other, the dealer defendants worked as one team.”