Nine banks win dismissal of Canadian rate-rigging lawsuit in U.S. GlobeBusiness
, a rate at which banks would lend to corporate clients using bankers’ acceptances, a short-term credit instrument.
The plaintiff accused banks of manipulating CDOR to reduce interest owed to investors on CDOR-based derivatives transactions in the United States, including swaps and Canadian dollar futures contracts, and boost profit. Torres also found no proof of a common profit motive among banks to suppress CDOR because they held more CDOR-based derivative contracts, under which they made interest payments, than CDOR-based loans, on which they received interest payments.
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