Investors sue a dozen banks for currency manipulation

|By:, SA News Editor

A group of investors from across the U.S. and Caribbean have filed a class-action lawsuit against 12 banks for allegedly colluding to manipulate currency rates.

The firms being sued include Bank of America (BAC), Barclays (BCS), Citigroup (C), Credit Suisse (CS), Deutsche Bank (DB), Goldman Sachs (GS), HSBC (HSBC), JPMorgan (JPM), Morgan Stanley (MS) and RBS (RBS).

The investors include city and state pension plans such as the City of Philadelphia and the State-Boston Retirement System.

The suit adds to multiple investigations by international authorities into forex manipulation, the latest being the Hong Kong Monetary Authority.