Lawsuit claims 10 big banks rigged market for 'odd-lot' U.S. corporate bonds [Reuters]
Morgan Stanley (MS)
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Source: Reuters
Lawsuit claims 10 big banks rigged market for 'odd-lot' U.S. corporate bonds NEW YORK, April 21 (Reuters) - Ten of the world’s largest banks, including JPMorgan Chase and Bank of America , have been sued for allegedly conspiring over nearly 14 years to rig prices in the $9.6 trillion U.S. corporate bond market, costing ordinary investors billions of dollars. The proposed class action filed on Tuesday in federal court in Manhattan said the banks have since August 2006 violated antitrust law by overcharging investors on “odd-lot” trades, which are worth less than $1 million and comprise 90% of all corporate bond trading. Other defendants include Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs , Morgan Stanley, Royal Bank of Scotland and Wells Fargo & Co, or their respective affiliates. According to the 81-page complaint, the banks leveraged their power from handling more than two-thirds of U.S. corporate bond underwriting to quietly inflate spreads between the prices wh
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