US Jury Finds Credit Suisse Not Guilty Of Rigging Forex Market
As Credit Suisse was put on trial for possibly rigging the Forex market during the 2007 to 2013 period. The bank, currently struggling under the weight of the many interest rate hikes that the Federal Reserve has currently put in place, was fighting an uphill battle.
Credit Suisse had to prove, without any doubt, that it did not play a part in rigging the market. However, it had to prove its innocence without affecting the company’s image. In addition, with the latest verdict from a US jury, they were able to succeed in both aspects.
Not only were they able to prove their innocence, but they were also able to do it without affecting their image. The Jury found Credit Suisse not guilty of rigging the forex market from 2007 to 2013.
One of the Biggest Forex Rigging Scandals
The case itself is based on the forex rigging scandal, which eventually got so out of hand that the international regulatory probe had to intervene. During the intervention, they issued fines to several banks that were part of the scandal, costing these many institutions a total of $10 billion in fines.
When talking to the press about the events that conspired in court, the spokesperson for Credit Suisse said that they were very pleased with the outcome. They thanked the court and the jury for their patience, and for the conclusion that the jury came to.
The spokesperson was especially happy by how the jury too saw that the plaintiffs, currency investors who were caught in the scandal, the case did not hold any real evidence of participation in the scandal.
The Last Bank to be questioned
Credit Suisse was the final defendant in the massive case that also included 15 other banks. The proceedings for the case occurred at the federal court in Manhattan, with the court going underway back in 2015.
The same year, the case was able to break major ground, as five banks pleaded guilty to conspiracies related to forex. During the proceedings, the plaintiff was able to produce transcripts from chat rooms, which showed that there were signs of collusion.
Credit Suisse was the last bank to be called into question in the court, where the plaintiffs were unable to produce substantial evidence to prove that credit Suisse was part of the scandal.
Walking Out Unscathed
The investors believed that the bank was responsible for sharing sensitive pricing information with the public. More specifically, they would share this information with other traders in different banks.
After taking nearly seven hours to conclude, the jury decided that Plaintiff did produce substantial evidence of collusion. However, it failed to show any evidence of Credit Suisse’s involvement.