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UPDATE 1-Standard Chartered is dropped, for now, from US currency case

Published 2016-03-31, 06:27 p/m
© Reuters. UPDATE 1-Standard Chartered is dropped, for now, from US currency case
SOGN
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STAN
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(New throughout, adds details from decision, case citation)
NEW YORK, March 31 (Reuters) - A U.S. judge on Thursday
dismissed Standard Chartered Plc STAN.L from a class-action
lawsuit accusing 16 banks of harming investors by rigging prices
in the $5.3 trillion-a-day foreign exchange market.
U.S. District Judge Lorna Schofield in Manhattan nonetheless
said the plaintiffs could seek within seven days to substitute
the bank's Standard Chartered Bank unit as a defendant, after
having perhaps "inadvertently named" the parent instead.
Schofield said she lacked jurisdiction over the parent
because it lacked offices in the United States, unlike the bank
unit, which has operated in New York.
The judge also rejected dismissal requests by two other
banks that have also operated in New York, Societe Generale
SOGN.PA and Bank of Tokyo-Mitsubishi UFJ Ltd MTFGTU.UL .
A lawyer for the plaintiffs did not immediately respond to
requests for comment.
Bank of Tokyo, Societe Generale, Standard Chartered and
Royal Bank of Canada's RY.TO RBC Capital Markets unit were
added to the lawsuit after Schofield in January said investors
may pursue their case against the other 12 banks.
Investors accused the banks of colluding to manipulate the
WM/Reuters Closing Spot Rates, known as the Fix.
The case is In re: Foreign Exchange Benchmark Rates
Antitrust Litigation, U.S. District Court, Southern District of
New York, No. 13-07789.

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