Fourteen financial institutions were sued by the Alaska Electrical Pension Fund for their roles in allegedly manipulating the ISDA fix benchmark rate from January 1, 2006, through January 2014. As a result, claims the pension fund, the named financial institutions “conspired to avoid paying the true amounts owed when investors’ ISDAfix-linked investments were in-the-money by jointly manipulating the ISDAfix rates used to determine the amounts due to investors.” Typically, claims the pension fund, “[d]efendant banks’ conspiracy was reached through a series of agreements among [defendants’] traders. These agreements were carried out through telephone calls, e-mails, and instant messages or chat room conversations between swaption and other interest rate traders” at defendants’ locations. ISDAfix is a global benchmark for interest rate swap transactions. Historically, ISDAfix has represented the average mid-market rates for plain vanilla interest rate swaps in various currencies, including US dollars, British pounds, Swiss francs and Euros, in selected maturities on a daily basis. It is based on voluntary contributions of data by contributing banks. The pension fund commenced this action last week in a federal court in NYC on its own behalf and for others in what it hopes will be approved as a class action lawsuit.