Citi, Top Banks to Face Appeal of Sovereign Bond Rigging Claims

A group of pension funds will ask the Second Circuit to revive claims that Citigroup Inc., Barclays PLC, and other major banks rigged the multitrillion-dollar market for bonds backed by foreign governments and multinational institutions.

The proposed antitrust class action accused eight global financial institutions and more than a dozen affiliates of manipulating the $9 trillion to $15 trillion market for “supranational, sub-sovereign, and agency” bonds, or SSA bonds.

The multidistrict case, consolidated in the U.S. District Court for the Southern District of New York, is part of a wave of lawsuits claiming top banks colluded in industry ...