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Big Banks Accused of Stock Lending Antitrust Plot Must Face Suit

The Bank of America Corp. Tower in New York.
Photographer: Daniel Tepper/Bloomberg

Major banks including Goldman Sachs Group Inc., Bank of America Corp., Credit Suisse Group AG and JPMorgan Chase & Co. must face allegations that they conspired to prevent the “antiquated” stock loan market from evolving into a transparent electronic exchange.

The banks are accused of conspiring to boycott new market entrants to maintain their monopoly grip as prime broker intermediaries and hold onto billions of dollars in revenue.