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Primary dealers rigged Treasury auctions, investor lawsuit says
By Alexandra Scaggs Matthew Leising
Bloomberg News
Thursday, September 17, 2015
The same analytical technique that uncovered cheating in currency markets and the Libor rates benchmark -- resulting in about $20 billion of fines -- suggests that the dealers who control the U.S. Treasury market rigged bond auctions for years, according to a lawsuit.
The analysis was part of a 115-page lawsuit filed in Manhattan federal court on Aug. 26 by Quinn Emmanuel Urquhart & Sullivan LLP and other law firms. The plaintiffs built their case against the 22 primary dealers who serve as the backbone of Treasury trading -- including Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley -- using data from Rosa Abrantes-Metz, an adjunct associate professor at New York University who has provided expert testimony in rigging cases.
Her conclusion: More than two-thirds of a certain type of Treasury auction appear to have been rigged. She found issues with other auctions too. ...
The new case is Cleveland Bakers and Teamsters Pension Fund v. Bank of Nova Scotia, 15-cv-06782, U.S. District Court, Southern District of New York (Manhattan).
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2015-09-17/primary-dealers-rigged...
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