Clear Business Logic Can Foil Parallel Conduct Claims

Law360, New York (May 2, 2013, 12:34 PM EDT) -- The aftermath of the collapse of the auction rate securities market in early 2008 spawned class action litigation against financial institutions alleged to have triggered the collapse through an alleged conspiracy to cease purchasing auction rate securities for their own accounts. In Mayor and City Council of Baltimore et al. v. Citigroup Inc. et al.,[1] the plaintiffs asserted such claims on behalf of two classes — one consisting of purchasers of auction rate securities and one whose members issued them.

The Southern District of New York...
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