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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.