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In FX Manipulation Case of Regulatory Secrets 15 Custodians Too Few But 100 Are Too Many

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - The Source

SDNY COURTHOUSE, Aug 31 – In 2018 a 227-page complaint was filed about foreign exchange manipulation, against a slew of banks including Citigroup, Bank of America, MUFG, RBS, Barclays, UBS, HSBC, JP Morgan Chase and Deutsche Bank. 

 On June 24, 2020, there was a proceeding before U.S. District Court for the Southern District of New York Magistrate Judge Stewart D. Aaron. Inner City Press covered it. 

 Things got surprisingly raucous between the corporate counsel, about electronic discovery search terms.

 Judge Aaron said, I am the judge, I am going to speak. And he did, ordering the parties to meet and confer and provide hit counts to each other, that relate in any way to FX trading.  

 Judge Aaron set another conference with ten page single spaced letters due five days before.

  Now on August 31 Judge Aaron held another long conference. There was a dispute about not answering if any FX trader had been disciplined for these charges. Is it a null set? At the end, Judge Aaron advised that 15 custodians are too few, and 100 too many. A major concern was whether the regulators, Federal Reserve and NYS DFS, might see what is produced in discovery. The answer seemed to be, No. So it goes with corporate litigation.

The case is Allianz Global Investors GmbH et al v. Bank Of America Corporation et al., 18-cv-10364 (Schofield / Aaron). 


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