Big Banks Call Small Bond Conspiracy Suit 'Impossibly Broad'

Law360 (September 11, 2020, 5:12 PM EDT) -- Citigroup, Goldman Sachs, Wells Fargo and a slew of other megabanks asked a New York federal judge to dismiss an antitrust suit, saying it alleges two "impossibly broad conspiracies" to hit retail investors with inflated prices and lower returns for corporate bonds.

Ten financial giants were accused in April of running a 14-year scheme of overcharging over-the-counter investors who trade corporate debt in so-called odd-lots, and simultaneously agreeing to boycott electronic trading platforms that supposedly made trading more democratic. But the banks fired back on Thursday that the complaint fails to plead any plausible conspiracies, fails to connect any of the...

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