Did Credit Suisse manipulate forex prices as alleged?

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Credit Suisse Found Not Guilty of Conspiring to Rig Forex Prices

A US jury determined on Thursday that Credit Suisse Group did not engage in a conspiracy with other major banks to manipulate foreign exchange market prices between 2007 and 2013. This verdict represents a significant legal victory for the bank as it undergoes restructuring. Credit Suisse was the final banking defendant in a class-action lawsuit initiated by currency investors in 2013, following settlements reached by 15 other institutions totaling US$2.31 billion.
Investors' Allegations of Price Rigging

The core of the investors' claim was that traders associated with Credit Suisse shared confidential pricing information with their counterparts at other financial institutions. During the trial, evidence presented included testimony that five banks had pleaded guilty to antitrust conspiracies related to foreign exchange trading in 2015. Jurors were also shown transcripts from electronic chat rooms, some identified by names like “The Cartel,” which plaintiffs contended demonstrated collusion among traders.
Jury's Verdict on Conspiracy and Involvement

The jury concluded that the investors had successfully demonstrated the existence of a conspiracy aimed at rigging prices within the forex market. However, the panel ultimately found insufficient evidence to link Credit Suisse directly to this conspiracy. This means that while a broader scheme was proven, Credit Suisse's participation in it could not be substantiated to the jury's satisfaction.
Credit Suisse's Defense Arguments

Attorneys representing Credit Suisse put forth several arguments to counter the allegations. They contended that the communications presented, described as infrequent, were insufficient to influence market prices. Furthermore, the defense argued that traders discussing different currency pairs could not logically be part of a single, overarching conspiracy. Crucially, the defense emphasized the absence of any evidence suggesting that Credit Suisse traders acted upon information exchanged in these chat rooms.

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Did Credit Suisse manipulate forex prices as alleged?

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