BofA Unit Now Faces Certified Class in Stock-Loan Antitrust Suit

Pension fund plaintiffs secured class certification against Bank of America’s Merrill Lynch unit, in a case accusing financial institutions of preventing the stock-loan trading market from transitioning to a more transparent and efficient system.

Judge Katherine Polk Failla of the US District Court for the Southern District of New York on Dec. 6 adopted the majority of a report recommending class certification to pension funds led by the Iowa Public Employees’ Retirement System. The judge modified the class period to encompass Jan. 1, 2012, through Nov. 17, 2017.

The class certification order ups the stakes for Merrill Lynch in litigation ...