{"id":1886,"date":"2017-11-15T18:20:05","date_gmt":"2017-11-16T00:20:05","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1886"},"modified":"2022-03-22T15:07:34","modified_gmt":"2022-03-22T20:07:34","slug":"credit-suisse-resolves-ny-regulators-forex-rigging-probe-135m","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-resolves-ny-regulators-forex-rigging-probe-135m\/","title":{"rendered":"Credit Suisse Resolves NY Regulator\u2019s Forex Rigging Probe for $135M"},"content":{"rendered":"<p>\t\t\t\tCredit Suisse AG (CS) has agreed to settle currency rigging charges brought by New York\u2019s Department of Financial Services by paying $135M. According to the state regulator, from at least \u201908 to \u201915, the Zurich-based bank violated NY banking law and engaged in other \u201cunlawful conduct\u201d that \u201cdisadvantaged customers.\u201d<\/p>\n<p>The consent order states that Credit Suisse did not put into place controls over its FX business that were \u201ceffective.\u201d Also, its traders are accused of the \u201cinappropriate sharing\u201d of information with other banks that could have resulted in exchange rate rigging, coordination of trades, and a rise in the \u201c bid\/ask spreads\u201d that were offered to the bank\u2019s forex customers. The DFS probe said that these actions were geared toward creating more profit for Credit Suisse, while decreasing its losses and harming not just its own customers but the marketplace. Meantime, other banks that it may have colluded with also sought to profit.<\/p>\n<p>Credit Suisse is one of several banks whose traders are accused of gathering in chat rooms to rig currency prices. According to <em>Bloomberg<\/em>, traders from Barclays PLC (BARC), <a href=\"https:\/\/www.investorlawyers.com\/jp-morgan-chase-background-information.html\" target=\"_blank\" rel=\"noopener noreferrer\">JPMorgan Chase &amp; Co. (JPM)<\/a>, and <a href=\"https:\/\/www.investorlawyers.com\/citigroup-background-information.html\" target=\"_blank\" rel=\"noopener noreferrer\">Citigroup (C) <\/a>are waiting for their trials over allegations that they sought to manipulate currencies. To date, banks accused of currency rigging have paid $5.8M to the US Justice Department to settle charges.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-resolves-ny-regulators-forex-rigging-probe-135m\/#more-1886\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Credit Suisse AG (CS) has agreed to settle currency rigging charges brought by New York\u2019s Department of Financial Services by paying $135M. According to the state regulator, from at least \u201908 to \u201915, the Zurich-based bank violated NY banking law and engaged in other \u201cunlawful conduct\u201d that \u201cdisadvantaged customers.\u201d The consent order states that Credit [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3817,3741,1],"tags":[2912],"class_list":["post-1886","post","type-post","status-publish","format-standard","hentry","category-credit-suisse","category-securities-fraud","category-uncategorized","tag-currency-rigging"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Credit Suisse Resolves NY Regulator\u2019s Forex Rigging Probe for $135M &#8212; Investor Lawyers Blog &#8212; November 15, 2017<\/title>\n<meta name=\"description\" content=\"Credit Suisse AG (CS) has agreed to settle currency rigging charges brought by New York\u2019s Department of Financial Services by paying $135M. According to &#8212; November 15, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-resolves-ny-regulators-forex-rigging-probe-135m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Credit Suisse Resolves NY Regulator\u2019s Forex Rigging Probe for $135M &#8212; Investor Lawyers Blog &#8212; November 15, 2017\" \/>\n<meta name=\"twitter:description\" content=\"Credit Suisse AG (CS) has agreed to settle currency rigging charges brought by New York\u2019s Department of Financial Services by paying $135M. According to &#8212; November 15, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Credit Suisse Resolves NY Regulator\u2019s Forex Rigging Probe for $135M &#8212; Investor Lawyers Blog &#8212; November 15, 2017","description":"Credit Suisse AG (CS) has agreed to settle currency rigging charges brought by New York\u2019s Department of Financial Services by paying $135M. 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According to &#8212; November 15, 2017","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-resolves-ny-regulators-forex-rigging-probe-135m\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-resolves-ny-regulators-forex-rigging-probe-135m\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Credit Suisse Resolves NY Regulator\u2019s Forex Rigging Probe for $135M","datePublished":"2017-11-16T00:20:05+00:00","dateModified":"2022-03-22T20:07:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-resolves-ny-regulators-forex-rigging-probe-135m\/"},"wordCount":642,"keywords":["Currency rigging"],"articleSection":["Credit Suisse","Securities Fraud"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-resolves-ny-regulators-forex-rigging-probe-135m\/","url":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-resolves-ny-regulators-forex-rigging-probe-135m\/","name":"Credit Suisse Resolves NY Regulator\u2019s Forex Rigging Probe for $135M &#8212; Investor Lawyers Blog &#8212; November 15, 2017","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2017-11-16T00:20:05+00:00","dateModified":"2022-03-22T20:07:34+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Credit Suisse AG (CS) has agreed to settle currency rigging charges brought by New York\u2019s Department of Financial Services by paying $135M. 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