Banks Oppose Class Cert. In Interest Rate Swaps Suit

Law360 (June 27, 2019, 6:22 PM EDT) -- Major banks including Bank of America Corp. and Credit Suisse AG said a New York federal court shouldn't certify a class of investors alleging that the financial institutions prevented them from trading interest rate swaps on rival platforms, saying in part the certification bid ignores limitations from a dismissal order.

The institutional investors' March motion for class certification disregards a prior court order limiting the class period and the types of swaps at issue, the banks said in their opposition to class certification filed Wednesday.

"Plaintiffs' attempt to expand the scope of this case at the class certification stage is improper,...

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