16 Big Banks Want Opt-Outs' Forex-Rigging Suit Dismissed

Law360 (July 26, 2019, 3:47 PM EDT) -- A group of 16 major international banks have asked a New York federal judge to dismiss a sprawling lawsuit from nearly 1,300 investment firms and government entities who’ve opted out of class action settlements over alleged forex rigging.

Citing jurisdictional deficiencies, pleading weaknesses and precedent set in similar lawsuits, the banks filed a dismissal motion on Thursday that criticized the massive investor group’s complaint for alleging only “sporadic acts of varying forms of manipulation” of benchmarks in the foreign exchange market.

“The law in this circuit is thus clear that to establish antitrust injury in the context of a rate-fixing case,...

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