Thirteen Major Financial Institutions Accused of Conspiring to Manipulate ISDAfix

The Alaska Electrical Pension Fund filed a lawsuit in a federal court accusing thirteen major banks with conspiracy to manipulate the ISDAfix benchmark. The benchmark sets rates for interest rate derivatives and other financial instruments.

According to the documents filed with the U.S. District Court, Alaska Electrical Pension Fund alleged that since at least 2009, the banks colluded to submit identical rate quotes. In setting their quotes, Alaska Electrical Pension Fund claimed the banks communicated through "electronic chat rooms" and other means of private communication.

See: Alaska Electrical Pension Fund v. Bank of America Complaint.