September 4, 2014 / 4:17 PM / 4 years ago

U.S. judge won't dismiss lawsuit over swaps price-fixing

NEW YORK, Sept 4 (Reuters) - A Manhattan federal judge on Thursday narrowed but refused to dismiss a lawsuit accusing 12 major banks of fixing prices and restraining competition in the market for credit default swaps, violating U.S. antitrust law.

U.S. District Judge Denise Cote dismissed some but not all antitrust claims, as well as claims for damages based on investments made prior to the fall of 2008. She said the remainder of the litigation may proceed.

The lawsuit was brought on behalf of people who transacted with the banks in credit default swaps from Jan. 1, 2008 to Dec. 31, 2013.

The International Swaps and Derivatives Association and Markit Ltd, which provides pricing services for credit derivatives, were also named as defendants. (Reporting by Jonathan Stempel in New York)

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