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Banks Must Face Antitrust Law: Short Sale Plaintiffs

Law360 (August 23, 2007, 12:00 AM EDT) -- Plaintiffs in a class action against 11 of the largest investment banks in the United States, which have been accused of colluding to collect fees from naked short selling, lashed out Monday against the banks' argument 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 the U.S. District Court for the Southern District of New York on Aug. 8 pointed...
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