Royal Bank of Canada rejects CFTC's "wash trading" allegation

The Commodity Futures Trading Commission has filed a lawsuit against Royal Bank of Canada that alleges a "wash trading scheme of massive proportion." The regulator says the bank made illegal futures trades with itself to gain tax benefits. A spokeswoman for RBC called the allegation "absurd." The bank said in a statement that the lawsuit is "meritless and we will rigorously defend ourselves against such baseless allegations."

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