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Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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NEWSLETTERS & ALERTS
Wall Street Traders Secretly Used Chat Rooms to Rig Treasury Auctions - Lawsuit
In an expanded class action law suit that was originally files in 2015, several pension funds and wealthy individual investors accused several large banks with having rigged U.S. Treasury auctions, beginning in the 1990’s. The banks named in the suit - including Goldman Sachs, Morgan Stanley, Royal Bank of Scotland, BNP Paribas and UBS – are all primary dealers.
In the new allegations, the banks secretly shared client information in online chat rooms in order to rig Treasury auctions. According to new evidence provided by one of the banks named in the original 2015 suit – and which is now cooperating with the plaintiffs – indicates that traders at the Wall Street banks shared the prices their clients sought to pay for the new Treasury bond issues. This gave each of the banks in the alleged cartel a better idea as to what price they should submit in the auction in order to increase their chances of getter a bigger share of the bond offering.
The banks supposedly worked their scam for years until the NYPost reported in June 2015 on a government investigation into the alleged actions.