Citi, Goldman, Other Banks Accused of CDS Antitrust Scheme (2)

New Mexico’s sovereign wealth fund brought a federal antitrust lawsuit claiming Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., and other top financial institutions rigged the credit default swap market by manipulating a key benchmark.

The proposed class action, docketed Thursday, also targets Barclays Plc, BNP Paribas SA, Credit Suisse Group AG, Deutsche Bank AG, JPMorgan Chase & Co., Morgan Stanley, Natwest Group Plc, and three industry groups.

By rigging the “final auction price” used “to value all CDS contracts market-wide at settlement,” the banks have made “billions ...