Pension Funds Say Banks Blocked Stock Loan Competition

Law360, New York (August 17, 2017, 12:48 PM EDT) -- A group of public pension funds on Thursday sued Bank of America Corp., JPMorgan Chase & Co., Goldman Sachs Group Inc. and two other big banks alleging that they colluded to prevent modernization of the $1.7 trillion stock loan market to prevent losing out on massive fees.

The Iowa Public Employees' Retirement System and two California public pension funds — the Orange County Employees Retirement System and Sonoma County Employees Retirement Association — allege in a complaint filed in federal district court in Manhattan that the six banks and a trading platform they control moved to block several market entrants that...

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