You are here
Investor lawsuits pile up claiming U.S. Treasury market is rigged
By Joe Rennison
Financial Times, London
Monday, September 28, 2015
NEW YORK -- Investors have filed a flurry of court cases claiming banks and brokers have been rigging the Treasury bond market and increasing the cost of selling debt for the US government.
Twenty-three related cases have been filed so far, alleging the primary dealers that underwrite the US government's debt colluded to manipulate the price of US Treasuries to their benefit. US Treasury securities are sold through an auction process in which banks and brokers listed as "primary dealers" place bids for the number of bonds they wish to buy and at what price. Investors can use primary dealers to buy at the auction or purchase them directly.
Lawyers say two further cases are also being filed, taking the total to 25. Both the Department of Justice and the New York State Department of Financial Services are separately in the early stages of looking into potential manipulation in the market.
While there are some details that differ between the cases, lawyers for the plaintiffs expect they will be combined into one, with lead counsel likely to be appointed by the end of October.
"The Treasury auction itself was rigged," says Gregory Asciolla, a partner at law firm Labaton Sucharow, which is lead counsel in two cases for State-Boston Retirement System and Arkansas Teacher Retirement System. "But it is broader in that we allege as well that the when-issued market was rigged and manipulated." ...
For the remainder of the report:
Silver Coins and Rounds with Employee Pricing and Free Shipping
Grab your Silver Starter Kit at cost from Money Metals Exchange, the company named "Precious Metals Dealer of the Year" by industry ratings group Bullion Directory.
Simply go to MoneyMetals.com and type "GATA" in the radio box at the top of the page.
This special silver offer contains 4 ounces of silver coins and rounds in the most popular 1-ounce, half-ounce, and 10th-ounce forms. Claim yours now, because GATA readers get employee pricing and free shipping.
So go to --
-- and type "GATA" in the radio box at the top of the page.
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015
The Silver Summit and Resource Expo 2015
Park Central Hotel, San Francisco, California
Monday-Tuesday, November 23-24, 2015
Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:
Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: