April 13, 2018 / 1:15 PM / 5 months ago

US pension funds allege collusion in Mexico public debt market

MEXICO CITY, April 13 (Reuters) - Two U.S. pension funds filed a proposed class action in New York on March 30 against financial institutions in the market for Mexican government bonds, alleging they conspired to fix prices.

The suit stems from an investigation, announced by the Federal Commission for Economic Competition, or Cofece, in April 2017 into possible breaches of competition laws in the public debt market.

The banks named in the lawsuit are Banco Santander, Banco Bilbao Vizcaya Argentaria, JP Morgan Chase & Co, HSBC, Barclays, Citigroup, Bank of America and Deutsche Bank.

The lawsuit, first reported by Mexican newspaper Reforma, was filed by the Oklahoma Firefighters Pension & Retirement System and the Electrical Workers Pension Fund Local.

Reporting by Julia Love and Joseph Ax; Editing by Bernadette Baum

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