| 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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