A major bank is being accused of manipulating the foreign exchange rates and affecting the future market prices in a class action lawsuit.
Robert Teel filed the lawsuit against Bank of America Corporation in the U.S. District Court for the Southern District of New York June 9. He claims the company manipulated what is called the exchange-trade foreign exchange spot market.
Affecting the price of the spot market is reflected in the futures prices of the foreign exchange, according to the lawsuit.
“Changes in spot market prices are immediately and correspondingly reflected in (foreign exchange) futures prices,” the lawsuit states. “As such, manipulation of the (foreign exchange) spot market is also a manipulation of the (foreign exchange) futures prices.”
The lawsuit claims, due to the manipulation, investors and traders such as Teel are trading on artificial numbers. The plaintiff is seeking class status for those who were engaged in the foreign exchange, and is also seeking an unspecified amount in damages.
He is represented by Louis F. Burke and Leslie Wybiral of Louis F. Burke PC in New York City; Michael Brickman of Richardson, Patrick, Westbrook & Brickman LLC in Charleston, S.C.; and James C. Bradley and Nina Fields Britt of the same law firm in Mount Pleasant, S.C.
U.S. District Court Southern District of New York case number 1:15-cv-04436