Ten major US banks and a couple of trading platforms are facing court action over accusation of colluding to limit competition in the massive market for interest rate swaps.
US media reports said Thursday that a class action lawsuit, filed Wednesday, accuses 10 of Wall Street's biggest banks and two trading platforms of conspiring to curb rivalry in the $320 trillion market.
The class action lawsuit, filed in the US District Court in Manhattan, accuses Goldman Sachs Group, Bank of America Merrill Lynch, JPMorgan Chase, Citigroup, Credit Suisse Group, Barclays, BNP Paribas, UBS, Deutsche Bank, and the Royal Bank of Scotland of colluding to prevent the trading of interest rate swaps on electronic exchanges, like the ones on which stocks are traded, according to Reuters.
