Major Wall Street banks accused of massive collusion

‘Ten of the biggest Wall Street banks and two trading platforms face a US class action suit accusing them of conspiring to limit competition in the $320 trillion market for interest rate swaps.

The antitrust complaint was filed by the Public School Teachers’ Pension and Retirement Fund of Chicago, according to Reuters. They purchased interest rate swaps from different banks to manage risk and insulate themselves from changes in monetary policy.

The Chicago Teachers’ Pension and Retirement Fund says it overpaid for the swaps as a result of the banks’ collusion, the lawsuit contends.’

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