Lawsuit in U.S. accuses nine banks of rigging Canadian rate benchmark

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Lawsuit in U.S. accuses nine banks of rigging Canadian rate benchmark

Lawsuit in U.S. accuses nine banks of rigging Canadian rate benchmark

Reuters-

Nine large banks, including six from Canada, have been accused in a lawsuit of conspiring to rig a Canadian rate benchmark to improve profits from derivatives trading.

The complaint, filed by a Colorado pension fund in U.S. District Court in Manhattan late on Friday, accused Royal Bank of Canada RY.TO, Toronto-Dominion Bank TD.TO, Bank of Nova Scotia BNS.TO and the other banks of suppressing the Canadian Dealer Offered Rate (CDOR) from Aug. 9, 2007, to June 30, 2014.

According to the Fire & Police Pension Association of Colorado, the banks hoped to reduce interest they would owe investors on CDOR-based derivatives transactions in the United States, including swaps and Canadian dollar futures contracts, and generate potentially billions of dollars of improper profit.

[REUTERS]

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