Law360 (July 2, 2021, 7:37 p.m. EDT) – Major Wall Street banks have participated in a multi-billion dollar scheme that has spanned more than a decade to manipulate benchmarks used to value swaps On credit default during settlement, New Mexico State Investment Council has alleged in a new draft antitrust class action lawsuit.

In a lawsuit filed in federal court in Albuquerque on Wednesday, the state investment panel accused Bank of America, Citigroup, Deutsche Bank and other major CDS distributors of exploiting their market power and advantages. informational to rig the auctions that determine payments when credit default swaps are settled.

In the process, these dealers have managed to rake in billions of …

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