BofA, Citi Restrained Credit Default Swap Market, Suit Says

Law360, New York (May 3, 2013, 8:43 PM EDT) -- A union pension plan on Friday hit more than a dozen players in the market for credit default swaps, including Bank of America Corp. and Citibank NA, with a putative class action in Illinois federal court, alleging they conspired to restrain competition.

The Sheet Metal Workers Local No. 33 Cleveland District Pension Plan lodged an antitrust suit against several banks — including Bank of America, Citibank, Barclays Bank PLC, JPMorgan & Chase Co. and Goldman Sachs & Co. — along with financial data provider Markit Group...
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