Goldman, State Street Face Antitrust Claims Over Currenex (1)

Goldman Sachs & Co. and State Street Bank & Trust Co. were hit with federal antitrust claims in Manhattan over an alleged scheme to rig foreign currency transactions through Currenex Inc., a State Street affiliate that operates a leading exchange platform.

The proposed class action accuses Currenex of fraudulently telling traders its software relied on the industry-standard “first in, first out” system for matching “bids” and “asks,” when in fact it gave State Street and Goldman the ability to “jump in line” and cancel transactions at the last second.

“Instead of operating a true FIFO order book, Currenex operated a ...