Credit Suisse found not guilty of rigging forex market - Breaking The News
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Credit Suisse found not guilty of rigging forex market

EPA-EFE/ENNIO LEANZA

A United States jury found on Thursday that Credit Suisse did not conspire with other major global banks to rig prices in the foreign exchange market between 2007 and 2013.

Earlier, 15 other banks accused of rigging the forex market reached settlements worth $2.31 billion, leaving Credit Suisse as the last bank in the class action suit filed by investors in 2013. In July, Credit Suisse settled with investors, including BlackRock Inc and Allianz SE’s Pimco, that decided to opt out of the class action suit.

The investors had alleged that the bank's traders shared nonpublic pricing information with traders at other banks, but Credit Suisse's lawyers claimed that the communication was so infrequent that it could not influence the market, that chatting about various currency pairs could not be a part of the same conspiracy and that there was no evidence to suggest traders acted on the information they received in those chats.

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