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- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
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NEWSLETTERS & ALERTS
Goldman, JPMorgan, Others Cornered the Market on Stock Lending - Lawsuit
by Howard Haykin
A case was filed Thursday in the U.S. District Court for the Southern District of New York by 3 pension plans against 6 global banks and one stock-lending platform. The defendants stand accused of acting together since 2009 to block competition in the stock lending market.
- Iowa Public Employees' Retirement System
- Orange County Employees Retirement System
- Sonoma County Employees' Retirement Association
- Bank of America Corp
- Credit Suisse Group
- Goldman Sachs Group
- JPMorgan Chase
- Morgan Stanley
- UBS Group
- EquiLend (a NY-based stock lending platform that, according to its website, is owned by bankings including the 6 defendants)
According to Cohen Milstein partner Michael Eisenkraft, who represents the pension funds: “Through various improper means, the likes of Goldman Sachs and Morgan Stanley have for years colluded to maintain their power over this little-known-but-lucrative corner of Wall Street." By colluding, the lawsuit claims, the banks have effectively crowded out smaller upstart stock lending platform, like AQS and SL-x, which in turn forced investors and retirees to pay high fees to engage in stock lending. For example, in 2012 Goldman Sachs allegedly threatened to stop doing business with BNY Mellon if it continued to support the AQS platform - which it did.