JPMorgan, Citi, Others Thwarted CDS Competition, Suit Says

Law360, New York (July 17, 2013, 8:11 PM EDT) -- JPMorgan Chase & Co., Citigroup Inc. and others were hit Tuesday in New York federal court with a putative class action alleging they thwarted competition in the credit default swap market, the latest of multiple court and regulatory actions involving similar claims.

Value Recovery Fund LLC sued several banks — JPMorgan, Citi, Bank of America Corp., HSBC Holdings PLC and the Goldman Sachs Group Inc. — as well as financial data provider Markit Ltd., alleging they conspired to restrain competition in the CDS market. VRF brought...
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