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Joined 2 years ago
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Cake day: July 1st, 2023

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  • I presume the rationale is that when these claims became public the stock price was adversely impacted meaning public investors during that period lost money. Not all shareholders are wealthy people playing the dips and highs for maximum gains or have any connection to the bank itself. For example some everyday people may have had their modest retirement funds or life savings impacted as some of these investments commonly include bank stocks as they are seen as “safe” and are usually not direct investment decisions that these people make if part of a managed portfolio.

    This is the risk that comes with holding stock directly or indirectly, but for some this not really a “benefit” but an attempt to get back their hard earned money that they tucked away and then lost through no fault of their own. Governments have historically bailed out banks when they are in trouble regardless if caused by the banks actions or not, so I see no reason why a bank should not have to cover people’s losses caused by their corrupt actions through a class action lawsuit.