CDS auction-rigging lawsuit set to proceed
US judge clears way for case in which pension funds allege dealers manipulated CDS settlements
A US judge has rejected an attempt to dismiss a lawsuit accusing 10 banks of conspiring to manipulate credit default swap (CDS) auctions, allowing the case to move to the discovery stage.
The suit, originally filed in June 2021, alleges dealers have improperly shared information and colluded to move the final price for auctions that determine CDS payouts.
Bank of America, Barclays, BNP Paribas
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