Newspaper article The Canadian Press

6 Canadian Banks Manipulated an Interest Rate Benchmark, U.S. Lawsuit Alleges

Newspaper article The Canadian Press

6 Canadian Banks Manipulated an Interest Rate Benchmark, U.S. Lawsuit Alleges

Article excerpt

Lawsuit alleges some banks manipulated benchmark

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WHITE PLANES, N.Y. - A class-action lawsuit filed in a U.S. court alleges six Canadian banks and three others conspired to increase the profitability of their derivatives trading business by manipulating an interest rate benchmark for about seven years.

The Fire & Police Pension Association of Colorado filed the claim against BMO, Bank of Nova Scotia, CIBC, National Bank of Canada, Royal Bank of Canada, TD and three others at the United States District Court for the Southern District of New York on Friday.

The claim alleges the banks manipulated the Canadian dealer offered rate -- which reflects what rate contributors are willing to lend to corporate clients using an instrument called a bankers' acceptance -- from at least Aug. …

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