A federal judge in Manhattan has ruled that a group of international banks must face complaints that they violated the U.S. Commodity Exchange Act by manipulating yen-denominated interest rate benchmarks between 2006 and 2010. In a ruling on Friday, U.S. District Judge George Daniels also granted the banks' motion to dismiss related claims against them for antitrust violations and unjust enrichment. The banks, which included Mizuho Bank Ltd, JP Morgan Chase & Co, Barclays Bank AG, UBS AG and Citigroup Inc, were sued in 2012 for allegedly manipulating rates that reflect interest on short-term loans denominated in Japanese yen. The interest rate benchmarks, used for pricing a wide array of financial products, are set each day based on rates submitted by banks as the prevailing market rates or the rates at which they could borrow funds.
via Business News - Yahoo Finance http://ift.tt/1jFgBFR
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