Class Action

Big Banks Hit Back at Suit Over ‘Odd Lot’ Corporate Bond Trades

Sept. 11, 2020, 10:31 PM

Bank of America Corp., Merrill Lynch, and Citigroup Inc. are among about a dozen major banks seeking dismissal of a would-be class action lawsuit alleging that they conspired to increase the price of U.S. corporate bond trades valued at less than one million dollars, known as “odd lots.”

In a motion collectively filed Thursday in the U.S. District Court for the Southern District of New York, the banks called the antitrust theories in the plaintiffs’ complaint “impossibly broad,” “farfetched,” and conspicuously devoid of supporting factual allegations.

The five named plaintiffs in the consolidated action allege that the banks engaged...

To read the full article log in. To learn more about a subscription click here.