Mexico/US: Pension funds accuse Banks of collusion affecting Mexican bonds

Two US pension funds, the Oklahoma Firefighters Pension and Retirement System and the Electrical Workers Pension Fund Local, filed a lawsuit on March 30 accusing Mexican affiliates of banks HSBC, Credit Suisse, Barclays and Deutsche Bank of collusion in operations related to bonds issued by the Mexican government.

The lawsuit presented by the funds was prompted by the investigation carried out by the Federal Economic Competition Commission (Cofece) of Mexico, which it announced in April 2017.

“Those actions show in general that the defendants conspired to fix the prices of Mexican government bonds between January 2006 and April 2007, in violation of federal antitrust laws,” HSBC said in its presentation of results for the first half of the year, in comments regarding the new lawsuit against them.

Full Content: Forbes

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