22 Banks Hit With Class Action Over Treasury Auction Scheme

Law360, Los Angeles (July 23, 2015, 10:05 PM EDT) -- A pension fund on Thursday filed a putative antitrust class action against a host of financial institutions, including Citigroup Global Markets Inc., Goldman Sachs & Co., and J.P. Morgan Securities LLC, alleging they conspired to manipulate the market for U.S. Treasury Department securities.

State-Boston Retirement System names as defendants nearly two dozen dealer banks and securities brokers, alleging they colluded to drive up the prices of Treasury-issued securities they were selling, and to drive down the prices of those same securities when they were auctioned by...
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