“The chatrooms gave the dealers an edge,” Burke said in federal court in Manhattan, adding, “With the network, the dealers win and the customers lose.”
Credit Suisse Group AG was part of a “conspiracy network” focused on rigging the foreign exchange market, a lawyer said in opening arguments in an antitrust suit against the bank.
Christopher Burke, who is representing a group of plaintiff pension funds and other investors, told jurors on Tuesday that Credit Suisse and 15 other banks participated in online chatrooms in which they colluded on spreads for currency pairs from late 2007 through 2013.
