Investors sue a dozen banks for currency manipulation

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.

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Comments (10)
  • herschfields
    , contributor
    Comments (132) | Send Message
    Not enough information given for me to formulate an opinion. However, the banks have been sued by the Feds so much, its about time for the investors of pension boards, etc. to join the band wagon. Easy money!
    1 Apr 2014, 04:59 AM Reply Like
  • herschfields
    , contributor
    Comments (132) | Send Message
    Not enough information for me to formulate a serious opinion. However, the banks have been sued by the Feds so much, so why shouldn't the investors of pension funds, etc, jump on the bank wagon (or is this just an April Fools Joke?).
    1 Apr 2014, 05:06 AM Reply Like
  • SA User 74XXXXX
    , contributor
    Comments (836) | Send Message
    Stock-wise the banks have run their course during the QE go-go years. Bad news such as the above headline is an excuse only for the market to turn into fear mode. Why would investors want their pie of bank stocks in 2014?
    1 Apr 2014, 05:21 AM Reply Like
  • herschfields
    , contributor
    Comments (132) | Send Message
    I think it is quite proper for the investors of pensions funds to file suite against financial institutions. After all, look at the success the Feds have had. lol
    1 Apr 2014, 07:21 AM Reply Like
  • gmmpa
    , contributor
    Comments (679) | Send Message
    I final gave up on the large bank stocks for awhile. I ended my positions in JPM and DB for now. Between what the government did and is still doing to the banking system before and after TARP with the constant new regulations and the daily announcements; All the legal shit that is now hitting the fan for pass banking system behavior and the pressures on the system to maintain earnings; It is just too much work to pay attention to the news and what is going on in the sector. The QE's were a good ride but I don't want any more surprises.


    I may be too pessimistic but I want to take the summer off from the banking sector until after the election. Maybe we can vote in leadership that will stop using the banking system for social engineering and a cash cow to extort contributions for their pet legislation and campaign donations.
    1 Apr 2014, 08:58 AM Reply Like
    , contributor
    Comments (82) | Send Message
    sheer lunacy - but no surprise in the US context of totally excessive litigation


    You just sue and always you will harvest some money - that's the way it works !


    Just think about something as crazy as this suit - how do you manipulate FX rates
    in the most liquid product market in the world with daily turnover of USD $ over 4 Trillion -
    1 Apr 2014, 09:31 AM Reply Like
  • MikeWoodruff
    , contributor
    Comment (1) | Send Message
    Always a new exposure of dirty pool. I'm about to give up. Those who think up these schemes are fully knowledgeable. Until penalties become so severe and detection more certain this stuff will continue. It is time to lower the hammer on these short cutters.
    1 Apr 2014, 10:05 AM Reply Like
  • smartpeoplesmartmoney
    , contributor
    Comments (22) | Send Message
    If the banks can create money from deposits ( fractional reserve ), and can create money when someone comes in asking for a mortgage loan or other loan, are the banks every really 'hurt' by lawsuits?


    The basic ratio is 9 to 1. So, for every $1.00 ( one dollar ) a person deposits in their bank account, the bank then turns that into $90.00 ( 90 dollars ) on their computer ledger. Some banks go as high as 300 to 1. AND interest is charged on this phantom fiat!


    Never mind the manipulation of a supposed 'free market' by some invisible hand, the entire apparatus is a fraud.


    Google search "fractional reserve lending" and be amazed.
    1 Apr 2014, 10:51 AM Reply Like
  • smartpeoplesmartmoney
    , contributor
    Comments (22) | Send Message
    Oops, I meant 9 to 1 fractional reserve ratio rendering $9.00 for every $1.00 deposited.
    1 Apr 2014, 12:36 PM Reply Like
  • chongkim74
    , contributor
    Comments (1675) | Send Message
    Guess I will see you guys on BAC @ $19
    1 Apr 2014, 07:46 PM Reply Like
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