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The scandal of manipulation on the foreign exchange market could have another expensive aftermath for Deutsche Bank and 14 other financial institutions. A US judge approved the lawsuit by institutional investors such as the world's largest asset manager Blackrock and Allianz subsidiary Pimco. Judge Lorna Schofield judged in Manhattan on Thursday that the allegation of almost 1,300 plaintiffs was plausible that the banks tightened reference prices between 2003 and 2013 in order to make a profit at the expense of investors.
In addition to Deutsche Bank, the who's who of the entire banking world is affected. The plaintiffs, including many exchange-traded index funds (ETFs), accuse banks of improperly sharing confidential orders and trading positions.
