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credit suisse cleared of fx conspiracy claims. credit suisse received some much needed good news after a us jury found that the troubled swiss lender did not conspire with top global banks to rig prices in the foreign exchange market. credit suisse did not conspire with the world’s largest lenders to rig fx market prices between 2007 and 2013, according to a «reuters » report citing a us jury verdict. «[credit suisse is] extremely pleased that the jury agreed with us that plaintiffs' case had no merit,» said a spokesperson for the bank. seven-hour deliberation. after reviewing testimonies and transcripts from chat rooms with names such as «the cartel» for around seven hours, the jury reached the verdict. they found that while there was indeed a conspiracy to rig fx markets, credit suisse was not involved. prosecutors argued that credit suisse’s participation in more than 100 chat rooms and sharing of non-public information about spreads was evidence of its involvement in a single conspiracy. but defense lawyers said that such infrequent communication could not influence markets and there was no evidence the bank acted on the chats. they also noted that the chats were about different currency pairs so credit suisse could not be part of the same conspiracy. settlements and fines. credit suisse is the last bank defendant in the class action after 15 others previously reached settlements totalling more than $2.3 billion. several banks also paid over $10 billion in fines from international regulatory probes. in july, credit suisse settled with some investors, including blackrock and allianz se’s pimco, which opted out of the class litigation, though the terms were not disclosed.
Credit Suisse Cleared of FX Conspiracy Claims
Credit Suisse received some much needed good news after a US jury found that the troubled Swiss lender did not conspire with top global banks to rig prices in the foreign exchange market.
Credit Suisse did not conspire with the world’s largest lenders to rig FX market prices between 2007 and 2013, according to a «Reuters» report citing a US jury verdict.
«[Credit Suisse is] extremely pleased that the jury agreed with us that plaintiffs' case had no merit,» said a spokesperson for the bank.
Seven-Hour Deliberation
After reviewing testimonies and transcripts from chat rooms with names such as «The Cartel» for around seven hours, the jury reached the verdict. They found that while there was indeed a conspiracy to rig FX markets, Credit Suisse was not involved.
Prosecutors argued that Credit Suisse’s participation in more than 100 chat rooms and sharing of non-public information about spreads was evidence of its involvement in a single conspiracy. But defense lawyers said that such infrequent communication could not influence markets and there was no evidence the bank acted on the chats. They also noted that the chats were about different currency pairs so Credit Suisse could not be part of the same conspiracy.
Settlements and Fines
Credit Suisse is the last bank defendant in the class action after 15 others previously reached settlements totalling more than $2.3 billion. Several banks also paid over $10 billion in fines from international regulatory probes.
In July, Credit Suisse settled with some investors, including Blackrock and Allianz SE’s Pimco, which opted out of the class litigation, though the terms were not disclosed.
