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NM lawsuit accuses financial firms of market manipulation » Albuquerque Journal

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The state of New Mexico filed a class action lawsuit against some of the largest financial institutions in the country alleging a 15-year pattern of manipulating the market for complex financial instruments called credit default swaps.

The lawsuit was filed Wednesday on behalf of the New Mexico State Investment Council by the Attorney General’s Office and Kirby McInerney LLP, a New York law firm, in New Mexico federal court.

The lawsuit does not specify how much the alleged market manipulation cost the SIC over a 15-year period starting in 2005 and asks for the court to determine damages.

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But the lawsuit claims that the SIC suffered losses from trading at…

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