Robbins Arroyo LLP Announces Antitrust Lawsuit Filed Against Multiple Banks for Conspiring to Manipulate the SSA Bond Market
SAN DIEGO--(BUSINESS WIRE)--Oct 4, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of supranational, sovereign, and agency (“SSA”) bonds have filed an antitrust class action complaint against some of the world’s largest banks, including Bank of America, Citi, Deutsche Bank, HSBC, and Credit Suisse (the “Banks”) among others. SSA bonds are debt securities issued by governmental and quasi-governmental entities to fund a range of economic and public policy mandates and are generally regarded as secure investments.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/
The Banks Are Accused of Manipulating the SSA Bond Market for Nearly a Decade
According to the complaint, rather than compete with each other for the purchase and sale of SSA bonds to investors and to each other, the Banks colluded to fix the prices at which they bought and sold SSA bonds in the secondary market. In order to increase their profits, the Banks collectively agreed to widen the bid-ask spreads they quoted to customers, in turn increasing the prices investors paid for the SSA bonds or decreasing the prices at which investors sold the bonds. Traders at the Banks discussed via instant messaging their respective customers’ identities and confidential information about their orders before determining prices they would quote. As a result, the Banks are being investigated by the U.S. Department of Justice, the U.K. Financial Conduct Authority, and the European Commission concerning potential anticompetitive conduct in the SSA bond market. The Banks’ misconduct has caused massive injury to SSA bond investors who have purchased and sold billions of dollars’ worth of SSA bonds directly from the Banks.
If you have purchased SSA bonds from any of the following banks, please contact us : Bank of America, BNP Paribas, Citi, Crédit Agricole, Crédit Suisse, Deutsche Bank, HSBC, Nomura, RBC, and TD Bank.
SSA Bond Purchasers Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. The firm offers a stock monitoring service: Stock Watch. Sign up for free today.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181004005886/en/
CONTACT: Robbins Arroyo LLP
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SOURCE: Robbins Arroyo LLP
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PUB: 10/04/2018 07:26 PM/DISC: 10/04/2018 07:26 PM