The Cleveland Bakers and Teamsters Pension Fund is among plaintiffs in a lawsuit alleging that banks that deal in government securities rigged trading to boost their own profits.

“The same analytical technique that uncovered cheating in currency markets and the Libor rates benchmark — resulting in about $20 billion of fines — suggests the dealers who control the U.S. Treasury market rigged bond auctions for years,” Bloomberg reports in describing a lawsuit, Cleveland Bakers and Teamsters Pension Fund et al v. Bank of Nova Scotia, New York Agency et al, filed at the end of August in New York City.

By: Scott Suttell, Crain’s Cleveland Business Journal

Read the full article here.

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