US: Quinn Emanuel, Cohen and Labaton to lead class-action suit against banks

A Manhattan federal court judge on Thursday, August 24, approved three law firms to lead a class-action lawsuit accusing Wall Street banks of rigging the rate of US Treasury bonds.

The move by Judge Paul Gardephe comes more than a year after the last hearing in the case.

Quinn Emanuel, Cohen Milstein and Labaton Sucharow will act as co-lead counsel, the judge ruled.

The potentially lucrative suit accuses 26 banks and financial firms, including Goldman Sachs, of manipulating the auctions that sell US debt.

The order came just days after The Post published an article on lawyers grousing about the year-long stretch since the last hearing in the case.

The lawyers called the period of near inactivity “unprecedented.” The designation of the lead law firms was an important step in having the case move forward.

Goldman Sachs has been the focus of a Justice Department probe into the alleged rigging.

Washington is scrutinizing chats sent to traders at Deutsche Bank, Royal Bank of Scotland, UBS, BNP Paribas, and Morgan Stanley.

Full Content: Business Wire

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