Big Banks Must Face U.S. Swaps Price-Fixing Lawsuit.

[elleng]

A Manhattan federal judge said on Thursday that investors may pursue a lawsuit accusing 12 major banks of violating antitrust law by fixing prices and restraining competition in the roughly $21 trillion (12.8 trillion pound) market for credit default swaps.

While dismissing part of the case, U.S. District Judge Denise Cote said investors may press claims that the defendants' Sherman Act violations caused them to pay unfair prices on CDS trades from the autumn of 2008 through the end of 2013, even as improved liquidity should have driven costs down.

"The complaint provides a chronology of behaviour that would probably not result from chance, coincidence, independent responses to common stimuli, or mere interdependence," Cote said.

http://www.nytimes.com/reuters/2014/09/04/business/04reuters-creditdefaultswaps-lawsuit.html?hp&action=click&pgtype=Homepage&version=WireFeed&module=pocket-region&region=pocket-region&WT.nav=pocket-region

[littlemissmartypants]

1. At risk of being perceived as in bad taste

This isn't what killed Joan Rivers, is it?


Too soon?

[elleng]

3. Welcome, Jimmy.

You may want to try 'Personal Finance and Investing.'