NEW YORK: A US jury found on Thursday that Credit Suisse Group AG did not conspire with the world’s largest banks to rig prices in the foreign exchange market between 2007 and 2013, handing the bank a win as it works to restructure and put a string of scandals behind it.
The case stems from the forex rigging scandal, which led to international regulatory probes resulting in more than $10 billion in fines for several banks.
Credit Suisse was the last bank defendant remaining in the class action brought by currency investors in 2013, after 15 others reached settlements worth $2.31 billion. The investors allege that Credit Suisse traders shared nonpublic pricing information with traders at other banks.
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During the trial in Manhattan federal court which began on Oct. 11, jurors heard testimony that in 2015 five banks had pleaded guilty to forex-related antitrust conspiracies, and saw transcripts from chat rooms with names such as “The Cartel” where investors say traders colluded.
A lawyer for the investors argued during the trial that chat transcripts were damning evidence of a single conspiracy among the banks to rig the foreign currency market.
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