Big Banks Colluded to Rig Treasury Market Auctions: Suit
New York Post
July 24, 2015
Gregory Asciolla discusses the impact of alleged collusion by financial institutions in recent antitrust case
In a lawsuit recently filed claiming that traders at JPMorgan Chase, Goldman Sachs, Barclays, and Bank of Nova Scotia, with 18 other institutions, colluded over chat rooms to keep the prices for government debt fraudulently low, Labaton Sucharow Antitrust & Competition Litigation Practice Co-Chair Gregory Asciolla said that there was was manipulation during auctions from January 2007 through December 2012.
"We conducted an extensive investigation of the market and retained some experts to look at some preliminary public available data, and were able to file a complaint alleging a massive conspiracy," Asciolla said.