Six US banks sued – securities lending antitrust lawsuit alleges collusion

Editor’s Note: Now this is a curious thing. The complaint is not yet publicly available but we’ll look forward to analyzing it shortly. The initial wording gives rise to some early suspicions about what’s going on but we’ll have to wait until more information becomes available before commenting.

From the Mortgage Professional America magazine website: The federal class-action lawsuit was filed by three public employees’ pension funds – Iowa Public Employees’ Retirement System (IPERS), Orange County Employees Retirement System (OCERS) and Sonoma County Employees Retirement Association (SCERA). It alleges that six of the world’s largest investment banks – JPMorgan, Bank of America, Goldman Sachs, Credit Suisse, Morgan Stanley and UBS – illegally conspired to overcharge investors and maintain exclusive control over the more than $1 trillion stock loan market.

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