Dismissal Affirmed In Short-Sale Antitrust Suit

Law360, New York (December 3, 2009, 7:09 PM EST) -- A federal appeals court has affirmed a lower court's dismissal of an antitrust class action against 11 of the largest investment banks in the United States alleging a conspiracy to charge exorbitant and unjustified fees for so-called naked short-selling.

The U.S. Court of Appeals for the Second Circuit affirmed a district court's dismissal with prejudice of a Sherman Act claim and dismissal without prejudice of three state law claims based on the U.S. Supreme Court's ruling in Credit Suisse Securities (USA) LLC v. Billing.

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