SAN DIEGO–(BUSINESS WIRE)–#SSABonds–Shareholder rights law firm Robbins
Arroyo LLP announces that purchasers of supranational, sovereign,
and agency (“SSA”) bonds have filed an antitrust class action complaint
against some of the world’s largest banks, including Bank of America,
Citi, Deutsche Bank, HSBC, and Credit Suisse (the “Banks”) among others.
SSA bonds are debt securities issued by governmental and
quasi-governmental entities to fund a range of economic and public
policy mandates and are generally regarded as secure investments.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/ssa-bonds/
The Banks Are Accused of Manipulating the SSA Bond Market for
Nearly a Decade
According to the complaint, rather than compete with each other for the
purchase and sale of SSA bonds to investors and to each other, the Banks
colluded to fix the prices at which they bought and sold SSA bonds in
the secondary market. In order to increase their profits, the Banks
collectively agreed to widen the bid-ask spreads they quoted to
customers, in turn increasing the prices investors paid for the SSA
bonds or decreasing the prices at which investors sold the bonds.
Traders at the Banks discussed via instant messaging their respective
customers’ identities and confidential information about their orders
before determining prices they would quote. As a result, the Banks are
being investigated by the U.S. Department of Justice, the U.K. Financial
Conduct Authority, and the European Commission concerning potential
anticompetitive conduct in the SSA bond market. The Banks’ misconduct
has caused massive injury to SSA bond investors who have purchased and
sold billions of dollars’ worth of SSA bonds directly from the Banks.
If you have purchased SSA bonds from any of the following banks,
please contact us: Bank of America, BNP Paribas, Citi, Crédit
Agricole, Crédit Suisse, Deutsche Bank, HSBC, Nomura, RBC, and TD Bank.
SSA Bond Purchasers Have Legal Options
If you would like more information about your rights and potential
remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com,
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. The firm offers a stock
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