Big Banks Are Accused Of CDS Market Manipulation Scheme

Law360 (July 2, 2021, 7:37 PM EDT) -- Major Wall Street banks have taken part in a more than decadelong, multibillion-dollar scheme to manipulate the benchmark prices used to value credit default swap contracts at settlement, New Mexico's State Investment Council has alleged in a new proposed antitrust class action.  

In a complaint filed Wednesday in Albuquerque federal court, the state's investment panel accused Bank of America, Citigroup, Deutsche Bank and other leading CDS dealers of exploiting their market power and informational advantages to rig the auctions that determine payouts when credit default swaps are settled.

In the process, these dealers have managed to rake in billions of...

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