Exchange Insists Bank Conspiracy Suit Can Survive Changes
Law360 (May 5, 2020, 5:22 PM EDT) -- A small trading exchange accusing major banks of conspiring to shut it out of the credit default swap market is defending recent fixes to its lawsuit after the financial institutions said inaccuracies the platform dropped from the original complaint torpedo the case.
Tera Group Inc., which operates the 10-year-old TeraExchange platform, argued Monday that the revisions don't undermine its core case. At most, Tera said, the amendments "alter the precise way that these isolated aspects of the broader conspiracy initially were alleged but not the fact that the conspiracy allegations remain plausibly pled."
The exchange contends a slew of top banks...
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