Primary market drawn into SSA lawsuit
The lawsuits over alleged manipulation of the SSA market have spread further, with more dealers and individuals named in a court filing. Citi, HSBC, RBC and TD Bank have now been added, as well as Bank of America, Crédit Agricole, Credit Suisse, Deutsche Bank and Nomura. The suit also draws in the new issue market, alleging that the traders were able to front-run new issues yet to be announced or in book-building.
The lawsuit, filed on behalf of pension funds for iron workers and sheet metal workers, as well as KBC Asset Management, says it has obtained electronic chat transcripts among the conspirators, which provide “smoking gun evidence” of collusion.
It describes a “super-desk” in which participants colluded with each
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