Phila pension board sues banks
Philadelphia's Board of Pensions and Retirement filed a lawsuit against seven major Wall Street banks alleging that for at least a decade foreign exchange traders at the banks manipulated exchange rates to "make grossly inflated profits at the expense of their own customers."
Philadelphia's Board of Pensions and Retirement filed a lawsuit against seven major Wall Street banks alleging that for at least a decade foreign exchange traders at the banks manipulated exchange rates to "make grossly inflated profits at the expense of their own customers."
The banks named in the lawsuit, filed in U.S. District Court for the southern District of New York, are Barclays Bank, Citigroup, Deutsche Bank, HSBC, J.P. Morgan Chase, Royal Bank of Scotland, and UBS.
The pension board's New York attorneys are from Quinn Emanuel Urquhart & Sullivan L.L.P. Among the local attorneys listed on the lawsuit is William J. Leonard, of Obermayer Rebmann Maxwell & Hippel L.L.P.
The 47-page lawsuit alleges that the traders used a Bloomberg News chat room to manipulate prices. - Harold Brubaker
