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

Icap and Tradeweb also named as defendants

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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, Barc

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