Antitrust Suit Targets Naked Short Selling By Banks

Law360, New York (April 13, 2006, 12:00 AM EDT) -- Eleven of the country’s largest investment banks have been slapped with a suit alleging that for the past six years they have colluded to collect fees from naked short selling.

The suit was filed in the U.S. District Court for the Southern District of New York by trading firm Electronic Trading Group, and names the broker-dealer arms of such banks as Bank of America Corp., Bank of New York, Bear Stearns Cos., Citigroup Inc., Credit Suisse Group Inc. and Lehman Brothers Holdings Inc., among others....
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