“CalSTRS is a member of the FX market manipulation antitrust class and has been evaluating its options, including potentially using Quinn Emanuel or another law firm to file an opt-out case, but has not yet committed to do so,” Brian J. Bartow, the California pension’s general counsel, said in a statement. “At the moment, CalSTRS remains a member of the class.”
Other investor groups either declined to comment or didn’t return calls and e-mails seeking comment.
Global Fines
Banks have paid about $10 billion in fines to global authorities over the last few years to resolve allegations traders tried to manipulate key foreign-exchange benchmarks such as the 4 p.m. WM/Reuters and 1.15 p.m. European Central Bank fixes. The settlements, some of which included guilty pleas in the U.S., came after dozens of individuals were suspended or fired over the behavior.
The latest legal campaign threatens to give new impetus to the benchmark rigging scandal, and may force banks into paying significantly higher legal settlements.
Banks including UBS, HSBC and RBS declined to comment. Other lenders didn’t immediately reply to requests for comment on the lawsuits.
At least five people have also been charged in the U.S., including three members of a chat room dubbed “the cartel” that was the focus of the investigation. Some of the men are in talks with the Justice Department on voluntarily coming to the U.S. to fight the charges, Bloomberg reported last month. A fourth member of the group has been cooperating with prosecutors.
This article was provided by Bloomberg News.