Banks held back e-trading for swaps, new lawsuit alleges

Icap and Tradeweb also named as defendants

Dealers sought to stifle electronic trading in swaps, plaintiffs allege

Some of the world's largest swap dealers are facing a new class-action lawsuit that accuses them of anti-competitive behaviour in the market for interest rate swaps.

The suit was filed earlier today (November 25) by Cohen Milstein and Quinn Emmanuel, the New York-based law firm that in September helped secure a $1.8 billion settlement in a suit that made similar allegations about dealer control of the credit default swap market.

The suit alleges that 10 banks – Bank of America Merrill Lynch

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