Banks Seeks Dismissal of ‘Stone Age’ Stock-Lending Lawsuit
- Morgan Stanley, Goldman Sachs ask judge to dismiss complaint
- Pension funds say banks ‘decimated’ two electronic platforms
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Some of Wall Street’s biggest banks asked a federal judge to throw out an antitrust lawsuit alleging they conspired to keep the U.S. stock-loan market "in the Stone Age" to protect billions of dollars in revenue.
Morgan Stanley, Goldman Sachs Group Inc. and Credit Suisse Group AG are among lenders whose prime brokerages were accused last year of colluding to boycott and ultimately destroy two electronic-trading platforms that tried to make the stock-loan market more transparent. Bank of America Corp., UBS Group AG and JPMorgan Chase & Co. were also sued.