Testamentary discovery stay continues in FX benchmark rate fixing case

Maria Nikolova

The Department of Justice has secured another stay extension in a civil lawsuit brought by consumers and end-user businesses against leading banks.

Those monitoring the developments in the lawsuit brought by consumers and end-user businesses against some of the world’s biggest banks, such as JPMorgan and Bank of America, must have noticed that the proceedings have been marked by the frequent requests by the Department of Justice (DOJ) for staying discovery.

As FinanceFeeds reported back in July, Judge Lorna G. Schofield of the New York Southern District Court granted another extension of the discovery stay in the case. The Judge ordered that the testamentary discovery stay is extended through the conclusion of the trial in United States v. Aiyer, No. 18 Cr. 333.

Earlier today, the Judge issued a memo endorsement regarding a DOJ Letter dated November 1, 2019. DOJ submitted the letter apprising the Court of the status of the Aiyer trial. The trial was adjourned from October 21, 2019 to October 30, 2019. Trial has commenced and is estimated to last four to five weeks. The Department requested that the stay remain in place through the conclusion of the trial. The Department expects the trial to conclude no later than December 6, 2019, and the Department proposed that it submit a letter apprising the Court of the status of the trial on that date.

On November 4, 2019, the Judge granted the DOJ’s application. The testamentary discovery stay will continue through the conclusion of the trial in United States v. Aiyer, No. 18 Cr. 333. On December 6, 2019, the Department is set to file a letter apprising the Court of the status of the trial in Aiyer.

This is hardly a piece of good news for the plaintiffs, as they had repeatedly opposed every stay extension sought by the DOJ.

Let’s recall that the plaintiffs in this case, captioned Nypl v. JP Morgan Chase & Co. et al (1:15-cv-09300), allege that they paid inflated Forex rates caused by an alleged conspiracy among the defendant banks to fix prices of FX benchmark rates.

The lawsuit targets major banks like JPMorgan Chase & Co. (NYSE:JPM), JPMorgan Chase Bank, N.A., Barclays Capital, Inc., Citibank, N.A., Citigroup Inc (NYSE:C), Bank of America Corp (NYSE:BAC), Bank of America, N.A, HSBC Bank USA, N.A., HSBC North America Holdings, Inc, The Royal Bank of Scotland plc (now known as NatWest Markets plc), and UBS AG.

Read this next

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

<