CSGN.S, MS.N, UBSG.S, GS.N, JPM.N conspired to stifle competition in $2 trillion stock lending market?

27 September, 2018

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The plaintiffs accused units of Goldman, JPMorgan, Bank of America Corp (BAC.N), Credit Suisse Group AG (CSGN.S), Morgan Stanley (MS.N) and UBS Group AG (UBSG.S) of conspiring since 2009 to keep the stock lending market “in the stone age” by boycotting the startup platforms AQS, Data Explorers and SL-x. But in her 93-page decision, U.S. District Judge Katherine Polk Failla found sufficient “direct evidence” from the plaintiffs to suggest an illegal conspiracy and let them continue their proposed class-action case.
Iowa Public Employees’ Retirement System v. Merrill Lynch, Pierce, Fenner & Smith Inc et al, U.S. District Court, Southern District of New York, No. 17-06221.

 

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