A U.S. jury began deliberating on Wednesday at a civil trial where Credit Suisse Group AG stands accused of conspiring with the world's largest banks to rig prices in the foreign exchange market between 2007 and 2013.
The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd Wiegmann/File Photo
Credit Suisse is the last bank defendant remaining in the class action brought by currency investors in 2013, after 15 others reached settlements worth $2.31 billion. The investors allege that Credit Suisse traders shared nonpublic pricing information with traders at other banks. While the jury will not determine how any conspiracy affected market participants or award damages on a class-wide basis, their findings may be used by investors in their own lawsuits against the bank.Christopher Burke, a lawyer for the investors, urged jurors in closing arguments on Wednesday to find that the bank engaged in a single conspiracy with fifteen banks over six years.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Credit Suisse CDS ease, bonds rise to close in on late September levelsThe cost of insuring exposure to Credit Suisse's debt fell and the lender's bonds rose on Tuesday, bringing them close to levels last seen before a rout in its assets in early October.
Read more »
Credit Suisse places U.S. asset management arm for sale - sourceCredit Suisse Group AG recently launched a process that could see its U.S. asset management arm sold, a source familiar with the matter said on Monday, as the troubled Swiss bank seeks to reshape its business after multiple scandals.
Read more »
USD/TRY to continue to rise orderly toward 20 by year-end – Credit SuisseEconomists at Credit Suisse still think the central bank will sell from its reserves in order to prevent excess lira weakness. They stick to an end-ye
Read more »
USD/CAD: Large surprise in Canadian CPI needed to lift the loonie – Credit SuisseToday’s Canadian Consumer Price Index (CPI) data will offer markets the opportunity to recalibrate their expectations for Bank of Canada (BoC) policy,
Read more »
Gold Price Forecast: XAU/USD to come under renewed pressure, next support at $1,614 – Credit SuisseGold has reinforced its “double top.” Strategists at Credit Suisse expect the yellow metal to suffer further weakness. Only a convincing weekly close
Read more »
NZD/USD: 0.5798/5813 to hold current correction to avoid a stronger upmove towards 0.5978 – Credit SuisseNZD/USD is seeing a minor recovery, which economists at Credit Suisse look to be held at 0.5798/5813. Move below 0.5510 needed to turn near-term risk
Read more »