Pension funds sue prime brokers over securities lending 'collusion'

Stephanie Baxter
clock • 3 min read

Three public US pension plans have launched a class action against six major investment banks for allegedly colluding to keep securities lending "opaque" and block competition in order to control the market.

The class action, filed on 16 August, claims that the prime brokers, which provide services to hedge funds, took "collective action" to boycott trading platforms that tried to enter the "antiquated...

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