Class Action Filed Over Short Selling Fees

Law360, New York (December 5, 2006, 12:00 AM EST) -- A pair of companies that sells stocks short has charged 13 of the country’s largest brokerage firms with conspiring to artificially raise the price of borrowing fees on “hard-to-borrow” short sale transactions.

The proposed class action complaint, which was filed Friday before the U.S. District Court in Manhattan, accuses Morgan Stanley, Goldman Sachs Group Inc., Bear Stearns Cos., UBS AG, Merrill Lynch and Co. Inc., Citigroup, Credit Suisse Inc., Deutsche Bank AG, Lehman Brothers Holdings Inc., Bank of America Corp., J.P. Morgan Chase & Co. and...
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