A federal judge has dismissed an antitrust class action accusing Citigroup, Morgan Stanley, and other global banks of inflating the prices of U.K. government bonds sold in the United States. U.S. District Judge John G. Koeltl of the Southern District of New York ruled that the plaintiffs, an Oklahoma public pension fund, failed to allege a plausible price-fixing conspiracy.
In his memorandum opinion, Judge Koeltl stated, “Here, the plaintiff has failed to allege any facts to show that the defendants engaged in parallel conduct that suggests the existence of a price-fixing conspiracy and each defendant’s participation in that conspiracy. This kind of barebones group pleading of parallel conduct is insufficient.”
The dismissal, issued without prejudice, underscores the high bar plaintiffs must meet to substantiate claims of antitrust violations in complex financial markets. For more detailed information, click here.