Top Wall Street Banks Accused of Conspiracy to Control Stock Lending Market Via Threatening Tactics and Boycotts
Cohen Milstein, 17 August 2017
Goldman Sachs, JP Morgan, UBS, Credit Suisse, Morgan Stanley and Bank of America Face Antitrust Allegations
NEW YORK—Several of the world’s largest investment banks have colluded, in violation of federal antitrust laws, to create and maintain exclusive control of the more than $1 trillion stock loan market, reaping massive profits at the expense of investors, according to three public employees’ pension funds which today filed a federal class action lawsuit. The suit alleges that since at least 2009, six of the world’s largest investment banks—Bank of America, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley and UBS—have illegally conspired to overcharge investors and maintain the power they hold over the stock loan market, obstructing multiple efforts to create competitive electronic exchanges that would benefit both stock lenders and borrowers. Continue reading “Article: Top Wall Street Banks Accused of Conspiracy to Control Stock Lending Market Via Threatening Tactics and Boycotts”
