Some Banks Escape Claims Over Alleged Mexican Bond Manipulation

A group of Mexico-based banks suspected of manipulating the Mexican government bond market escaped the case after a federal court in Manhattan found it lacked jurisdiction over them.

The U.S. District Court for the Southern District of New York said Monday that it couldn’t hear claims against Citigroup‘s Banco Nacional de México, BBVA Bancomer, and the Mexican affiliates of Banco Santander, Bank of America, Deutsche Bank, and HSBC because their alleged violations happened solely in Mexico.

A group of U.S. pension funds sued the banks and others, arguing the funds bought or sold the bonds ...