Banks accused of rigging Canadian rate benchmark

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Nine large banks, including six from Canada, have been accused in a lawsuit of conspiring to rig the Canadian Dealer Offered Rate from Aug. 9, 2007, to June 30, 2014.

The institutions hoped to reduce interest they would owe investors on CDOR-based derivatives transactions in the U.S., including swaps and Canadian dollar futures contracts, and generate potentially billions of dollars of improper profits.

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