We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Banks Win as U.S. Judge Dismisses Mexico Bond Rigging Lawsuit
Read MoreHide Full Article
U.S. District Judge, Paul Oetken, in Manhattan dismissed a proposed class action lawsuit that was filed in 2017 against several banks, alleging that they tried to rig the Mexican government bonds market, per Reuters.
In May 2017, the Investigative Authority of the Mexican Federal Economic Competition Commission (“COFECE”) conducted an inquiry on several banks to find proof of a possible collusion to manipulate bond prices.
The authority first announced the investigation in April 2017. It wanted to find out if the banks, which bought notes from the government at auctions, colluded to suppress prices. It also planned to investigate whether the banks coordinated to reduce the price and raise yields for holders, leading to higher interest rates for the government and companies.
Notably, JPMorgan Chase & Co. (JPM - Free Report) , Bank of America Corp. (BAC - Free Report) , Citigroup (C - Free Report) , HSBC Holdings plc (HSBC - Free Report) and Barclays PLC (BCS - Free Report) are amongst the several banks that had been accused and hence had been under the focus of COFECE.
However, Oetken dismissed the lawsuit because according to him, the accusers were unable to directly link the defendants with a conspiracy.
In fact, he said that he has not yet been able to find any possible existence of an antitrust conspiracy. Nevertheless, he added that the plaintiffs are allowed to try to amend their complaint.
A lawyer for the plaintiffs said that they are evaluating the ruling.
Many finance companies across the globe have been facing increasing scrutiny for their business practices. Many of these firms paid billions of dollars as fines and compensation to settle lawsuits and probes.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.6% per year. So be sure to give these hand-picked 7 your immediate attention.
Image: Bigstock
Banks Win as U.S. Judge Dismisses Mexico Bond Rigging Lawsuit
U.S. District Judge, Paul Oetken, in Manhattan dismissed a proposed class action lawsuit that was filed in 2017 against several banks, alleging that they tried to rig the Mexican government bonds market, per Reuters.
In May 2017, the Investigative Authority of the Mexican Federal Economic Competition Commission (“COFECE”) conducted an inquiry on several banks to find proof of a possible collusion to manipulate bond prices.
The authority first announced the investigation in April 2017. It wanted to find out if the banks, which bought notes from the government at auctions, colluded to suppress prices. It also planned to investigate whether the banks coordinated to reduce the price and raise yields for holders, leading to higher interest rates for the government and companies.
Notably, JPMorgan Chase & Co. (JPM - Free Report) , Bank of America Corp. (BAC - Free Report) , Citigroup (C - Free Report) , HSBC Holdings plc (HSBC - Free Report) and Barclays PLC (BCS - Free Report) are amongst the several banks that had been accused and hence had been under the focus of COFECE.
However, Oetken dismissed the lawsuit because according to him, the accusers were unable to directly link the defendants with a conspiracy.
In fact, he said that he has not yet been able to find any possible existence of an antitrust conspiracy. Nevertheless, he added that the plaintiffs are allowed to try to amend their complaint.
A lawyer for the plaintiffs said that they are evaluating the ruling.
Many finance companies across the globe have been facing increasing scrutiny for their business practices. Many of these firms paid billions of dollars as fines and compensation to settle lawsuits and probes.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.6% per year. So be sure to give these hand-picked 7 your immediate attention.
See them now >>