Judge hits pause on CDS auction-rigging lawsuit

Proceedings now wait for New York court ruling on a separate 2015 settlement’s applicability

US District Court of New Mexico
Alpha and Omega Collection/Alamy

A New Mexico judge has paused proceedings on a US lawsuit that accuses banks of manipulating auctions used to settle credit default swap (CDS) contracts. 

The order, which comes more than seven months after the court allowed the 2021 suit to proceed, means parties must wait to disclose and receive documents through discovery until after the United States District Court for the Southern District of New York (SDNY) rules whether a 2015 settlement releases the defendant banks from any claims made in

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