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Case 1:13-Cv-07789-LGS Document 619 Filed 06/03/16 Page 1 of 186 Case 1:13-cv-07789-LGS Document 619 Filed 06/03/16 Page 1 of 186 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK ECF CASE IN RE FOREIGN EXCHANGE BENCHMARK RATES ANTITRUST No. 1:13-cv-07789-LGS LITIGATION JURY TRIAL DEMANDED THIRD CONSOLIDATED AMENDED CLASS ACTION COMPLAINT REDACTED Case 1:13-cv-07789-LGS Document 619 Filed 06/03/16 Page 2 of 186 TABLE OF CONTENTS NATURE OF THE ACTION ........................................................................................................ 1 JURISDICTION, VENUE, AND COMMERCE ........................................................................... 5 PARTIES ........................................................................................................................................ 6 Plaintiffs .............................................................................................................................. 6 Defendants ........................................................................................................................ 14 CLASS ACTION ALLEGATIONS .............................................................................................. 22 FACT ALLEGATIONS................................................................................................................ 25 I. THE FX MARKET ................................................................................................... 25 A. Background ........................................................................................................... 25 B. Spot Transactions .................................................................................................. 29 C. Benchmark Rates and Uses ................................................................................... 31 1. WM/Reuters .............................................................................................. 33 2. ECB Rates................................................................................................. 35 3. Other Benchmark Rates ............................................................................ 36 D. The FX Market Is Concentrated and Dominated by Defendants .......................... 37 E. The FX Market Is Unregulated and Opaque ......................................................... 39 II. DEFENDANTS CONSPIRED TO FIX PRICES IN THE FX MARKET ............................... 40 A. Defendants Used Electronic Communications, Including Chat Rooms, Instant Messages, and Emails, to Conspire....................................................................... 41 B. Defendants Conspired to Fix Bid/Ask Spreads Quoted in the Spot Market ......... 47 1. Chat Room Transcripts Demonstrate Spread Fixing ................................ 48 C. Defendants Conspired to Fix the Benchmark Rates ............................................. 65 1. The Fixes are Susceptible to Collusive Manipulation .............................. 65 i Case 1:13-cv-07789-LGS Document 619 Filed 06/03/16 Page 3 of 186 2. Defendants Shared Confidential Customer Order Information to Manipulate Benchmark Rates, Including the WM/Reuters Closing Spot Rates .......................................................................................................... 66 3. Methods of Fixing the Fixes ..................................................................... 70 4. Manipulation of the WM/Reuters Closing Spot Rates ............................. 75 5. The ECB Fixing Rate ................................................................................ 89 6. The CME/EMTA Rates .......................................................................... 101 D. Other Collusive Conduct Demonstrates Defendants’ Conscious Commitment to Fix FX Prices ...................................................................................................... 102 III. DEFENDANTS’ CONSPIRACY RESULTED IN ARTIFICIAL PRICING FOR FX EXCHANGE- TRADED INSTRUMENTS ........................................................................................ 107 A. The FX Futures and Options Market .................................................................. 107 B. Prices of FX Futures Contracts Are Impacted by the WM/Reuters Closing Spot Rates and Prices of the Underlying Currency Pairs ............................................ 112 IV. GOVERNMENT INVESTIGATIONS .......................................................................... 118 A. U.S. Department of Justice (“DOJ”) ................................................................... 118 B. The Federal Reserve ........................................................................................... 124 C. Commodity Futures Trading Commission.......................................................... 126 D. Office of the Comptroller of the Currency ......................................................... 128 E. New York Department of Financial Services ..................................................... 129 F. United Kingdom Financial Conduct Authority (“UK-FCA”) ............................ 132 G. Serious Fraud Office (“SFO”) ............................................................................ 135 H. Bank of England ................................................................................................. 135 I. European Commission ("EC") ............................................................................ 137 J. Switzerland ......................................................................................................... 138 K. Financial Stability Board (“FSB”) ...................................................................... 140 L. Other Countries ................................................................................................... 142 ii Case 1:13-cv-07789-LGS Document 619 Filed 06/03/16 Page 4 of 186 V. DEFENDANTS’ PUBLIC FILINGS CONFIRM INVESTIGATIONS AND COOPERATION ...................................................................................................... 143 VI. TERMINATIONS, SUSPENSIONS, AND DEPARTURES OF DEFENDANT EMPLOYEES ..................................................................................... 143 A. Bank of America ................................................................................................. 143 B. Barclays............................................................................................................... 144 C. BNP Paribas ........................................................................................................ 144 D. Citigroup ............................................................................................................. 144 E. Credit Suisse ....................................................................................................... 145 F. Deutsche Bank .................................................................................................... 146 G. Goldman Sachs ................................................................................................... 146 H. HSBC .................................................................................................................. 147 I. JP Morgan ........................................................................................................... 147 J. Morgan Stanley ................................................................................................... 147 K. RBS ..................................................................................................................... 148 L. Standard Chartered.............................................................................................. 148 M. UBS ..................................................................................................................... 149 ANTITRUST INJURY TO PLAINTIFFS .................................................................................. 150 FRAUDULENT CONCEALMENT ........................................................................................... 152 CLAIM FOR RELIEF ................................................................................................................ 158 I. CLAIMS ON BEHALF OF THE OTC CLASS ............................................................. 158 A. Violation of Sections 1 and 3 of the Sherman Act, 15 U.S.C. §§1, 3 on Behalf of the OTC Class .............................................................................................. 158 II. CLAIMS ON BEHALF OF THE EXCHANGE CLASS ................................................... 159 A. Conspiracy to Restrain Trade in Violation of §1 of the Sherman Act ................ 161 B. Manipulation in Violation of the Commodity Exchange Act, 7 U.S.C. §§1, et seq............................................................................................. 162 iii Case 1:13-cv-07789-LGS Document 619 Filed 06/03/16 Page 5 of 186 C. Principal-Agent Liability in Violation of the Commodity Exchange Act, 7 U.S.C. §1, et seq. ............................................................................................................ 165 D. Aiding and Abetting Manipulation in Violation of the Commodity Exchange Act 7 U.S.C. §1, et seq............................................................................................... 165 E. Manipulation by False Reporting and Fraud and Deceit in Violation of the Commodity Exchange Act, as Amended, 7 U.S.C. §1, et seq. and CFTC Rule 180.1(a) ............................................................................................................... 166 REQUEST FOR RELIEF ..........................................................................................................
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