Wednesday, February 7, 2018

Bankster Bust: LIUNA pension fund leads $1 billion fight over alleged decade-long conspiracy to rig foreign currency markets

accountability corruption crime business finance conspiracy banks

LIUNA’s pension fund is leading a $1 billion court fight against some of the world’s largest financial institutions over an alleged decade-long conspiracy to rig foreign currency markets.

The Labourers’ Pension Fund is one of two lead plaintiffs in a proposed class-action lawsuit that follows in the wake of similar actions already settled in the U.S. and Europe.

The lawsuit has not yet been certified as a class action but the judge in the case has already approved settlements totalling $107 million that have been reached by the plaintiffs with 13 of the defendants, which include global banking giants such as Bank of America, Citibank, BNP Paribas, Barclays, HSBC, UBS and Goldman Sachs.

The settlements reached to date are reportedly the second-highest amount ever recovered in a Canadian case related to price fixing.

Royal Bank of Canada, Credit Suisse, Morgan Stanley and Deutsche Bank are the four defendants that have so far not agreed to settle.

Tens of thousands of Canadians could be eligible to participate in any eventual settlement, according to one of the lawyers representing plaintiffs in the case.  (more...)

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