Seeking Alpha

Banks sued again over CDS monopoly

  • An affiliate of MF Global sues, alleging 11 banks engaged in anticompetitive practices to keep the company out of the lucrative clearing business for swaps
  • It's the third U.S.lawsuit making such claims (previous), and the EU has also filed suit
  • Those charged: BAC, BCS, C, CS, DB, GS, MS, RBS, UBS
  • JPMorgan (JPM) is named as a co-conspirator, while the ISDA and Markit are named separately as defendants
  • One source suggests the 3 U.S. claims could be consolidated into one case
From other sites
Comments (3)
  • spinrbait
    , contributor
    Comments (542) | Send Message
    i'm starting to wish jp morgan would file about 1,000 lawsuits against every gov't agency, every pension administrator, and every hedgefund out there. if everyone wants to bleed banks dry like a bunch of vampires, the banks need to get their own vampires and fight back.
    30 Jul 2013, 12:36 PM Reply Like
  • MexCom
    , contributor
    Comments (3064) | Send Message
    BAC for one has little exposure nor fault in the European interest rate trade. If anything, they could sue the European banks for the manipulation and prove that they were only managing hedging positions. This not new news anyway and is completely discounted in the stock price - all litigation risk in general.
    30 Jul 2013, 12:48 PM Reply Like
  • Just Some Guy
    , contributor
    Comments (1509) | Send Message
    BAC is also Merrill now and Ghu knows what they're up to.
    30 Jul 2013, 06:28 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs