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Over charging retirees: US pension funds sue Goldman, UBS, others

6 big banks are accused of conspiring to stifle competition in the $1 trillion stock lending market


Three US pension funds sued six of the world's largest banks on Thursday, including Goldman Sachs Group Inc and JP Morgan Chase & Co , accusing them of conspiring to stifle competition in the more than $1 trillion stock lending market. In the lawsuit filed in a Manhattan federal court, the funds accused the banks of boycotting start-up lending platforms by threatening and intimidating their potential clients. The defendants include Bank of America Corp , Credit Suisse AG , Morgan Stanley , UBS AG , Goldman and JP Morgan. The Iowa Public Employees' Retirement System, ...

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First Published: Fri, August 18 2017. 12:28 IST