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Several banks, securities groups face antitrust lawsuit

By Hoang Tran | Oct 15, 2015


WHITE PLAINS, N.Y. (Legal Newsline) - An employees retirement group is suing several large banks and securities companies over alleged violations of antitrust laws.

Employees’ Retirement System of Rhode Island filed a class action lawsuit on Sept. 4 in the U.S. District Court of the Southern District of New York against Bank of Nova Scotia, New York Agency; BMO Capital Markets Corp.; BNP Paribas Securities Corp.; Barclay Capital Inc.; Cantor Fitzgerald & Co.; Citigroup Global Markets Inc.; Countrywide Securities Corp.; Credit Suisse Securities LLC; Daiwa Capital Markets America Inc.; Deutsche Bank Securities Inc.; Goldman, Sachs & Co.; HSBC Securities Inc.; Jefferies LLC; J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; Mizuho Securities USA Inc.; Morgan Stanley & Co. LLC; Nomura Securities International Inc.; RBC Capital Markets LLC; RBS Securities Inc.; SG Americas Securities LLC; TD Securities LLC; and UBS Securities LLC, citing violations of federal antitrust laws and the Commodity Exchange Act.

The plaintiff argues that between Jan.1, 2008, and June 8, the actions of the defendants represented a breach of good faith, fair dealings, and unjust enrichment regarding U.S. Treasury securities. They argue that the actions of the defendants manipulated the market of the U.S. Treasury securities including treasury bills, notes, bonds, treasury inflation-protected securities and floating notes. The plaintiff argues that the defendants conspired together and used their privileged position as dealers and traders to manipulate the treasury securities for their benefits, causing undue duress in the market and violating of antitrust laws.

The plaintiff are demanding a trial by jury and are suing for an undisclosed amount of treble damages, court and attorney fees, injunction against defendants for pursuing unlawful acts, and any other relief deemed just by the court. It is represented Samuel H. Rudman and other attorneys of Robbins, Geller, Rudman & Dowd LLP in Melville, N.Y. and San Diego, Calif.

U.S. District Court of the Southern District of New York case number 1:15-cv-07006-UA

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