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Citigroup, Deutsche Bank and three other major banks conspired in online chatrooms and on electronic devices to fix the price of British pound sterling denominated UK government bonds, a new class action lawsuit alleges.
The Oklahoma Firefighters Pension and Retirement Systems claims Citigroup and Deutsche Bank — along with RBC Europe, HSBC Bank, and Morgan Stanley & Co. — conspired to fix the price of what are known as gilt bonds.
The British government issues gilt bonds as a way to finance government programs, pay interest on current debt, and for “any other UK government spending needs,” according to the UK bond prices class action.
Investors argue, however, that gilt bond traders who also worked at the five banks conspired in online chat rooms to fix the bonds’ bid-ask spreads in the secondary market.
“No dealer could widen its bid-ask prices unilaterally without losing trading business to its competitors,” the UK bond prices class action states.
Investors want to represent a nationwide class of all persons or entities who purchased or sold gilt bonds in the US directly from Citigroup, Deutsche Bank, RBC Europe, HSBC Bank, and Morgan Stanley & Co. from as early as Jan. 1, 2009 through at least Dec. 31, 2013.
Investors argue alleged price fixing lead to lower gilt bond yield curves
The UK. Competition and Markets Authority announced last night that it discovered traders at the five named banks had been violating UK competition laws by allegedly sharing sensitive information with each other, according to the UK bond prices class action.
Investors argue, meanwhile, that the alleged price fixing harmed them by leading to lower gilt bond yield curves if not for the alleged collusion.
“Defendants and their co-conspirators have inflated the prices at which they sold gilt bonds to investors and reduced the prices at which they purchased these products from investors, including plaintiff and members of the class,” the UK bond prices class action states.
Investors claim Citigroup, Deutsche Bank, RBC Europe, HSBC Bank, and Morgan Stanley & Co. are guilty of fraudulent concealment and violating the Sherman Antitrust Act.
Investors are demanding a jury trial and requesting an award of treble damages for themselves and all class members.
A separate class action lawsuit was filed against Citigroup last year over claims the company caused $70 million in trading losses by allegedly mishandling trade orders for shares of Shopify and Colgate-Palmolive.
Have you purchased or sold gilt bonds in the US directly from Citigroup, Deutsche Bank, RBC Europe, HSBC Bank, and Morgan Stanley & Co.? Let us know in the comments!
The plaintiffs are represented by Patrick Coughlin, Carmen Medici, Fatima Brizuela, Daniel J. Brockwell, John Smallwood, Kristen M. Anderson, Donald A. Broggi, Michelle E. Conston, Patrick J. Rodriguez, David R. Scott and Amanda Lawrence of Scott + Scott Attorneys at Law LLP.
The Citigroup, Deutsche Bank bond prices class action lawsuit is Oklahoma Firefighters Pension and Retirement System v. Deutsche Bank Aktiengesellschaft, et al., Case No. 1:23-cv-05095, in the U.S. District Court for the Southern District of New York.
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