A Manhattan federal judge on Wednesday delivered an early-inning win to plaintiffs lawyers at Hausfeld LLP and Scott & Scott in a suit accusing a dozen major banks of widespread manipulation of the $5 trillion-a-day foreign exchange market.
Less than a month after JPMorgan Chase & Co. reached a settlement in the case, U.S. District Judge Lorna Schofield refused to dismiss consolidated class action claims against a group of financial industry giants including Bank of America Corp., Barclays PLC and Citigroup Inc. Schofield held that the plaintiffs plausibly alleged an antitrust conspiracy in which the banks’ top forex traders agreed to rig the market for more than a decade.
