Banks Claim Immunity From Short Sale Class Action

Law360, New York (August 8, 2007, 12:00 AM EDT) -- The brokerage arms of 11 of the United States' largest investment banks have fought back against a class action lawsuit alleging they colluded to collect fees from naked short selling, asserting that a recent U.S. Supreme Court decision exempts their actions from antitrust laws.

The firms, including UBS Financial Services Inc., Citigroup Inc., Credit Suisse (USA) Inc. and Morgan Stanley & Co., filed a brief in a New York federal court Tuesday claiming that the Supreme Court’s decision in Credit Suisse Securities (USA) LLC v. Billing...
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