Danish Pension Funds Sue Big Banks Over CDS Competition

Law360, New York (July 12, 2013, 4:20 PM EDT) -- A group of Danish pension funds on Thursday filed a class action alleging that big banks, including JPMorgan Chase & Co. and Goldman Sachs Group Inc., colluded to restrain competition in the $25 trillion market for credit default swaps.

In a complaint filed in federal district court in Chicago, the pension funds alleged the banks, industry trade group International Swaps and Derivatives Association, and financial data provider Markit Group Ltd. conspired to keep new participants from entering the market, keeping the price for trading in CDS...
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