A PYMNTS Company

US: Revival suit against Goldman Sachs, Citigroup fails

By  |  March 5, 2013

A ruling that dismissed complaints brought against Goldman Sachs Group Inc. and Citigroup Inc., accusing the banks of violating antitrust laws after they left the market for auction-rate securities, has been upheld by as US Court of Appeals in New York on Tuesday. Issuers of the securities and investors had attempted to revive the suit arguing the banks colluded to exit the market simultaneously and that they bid at auctions to boost the market; auction-rate securities have their interest rates reset periodically at auctions, according to reports. But the appeals court noted that the banks’ decision to leave the market “made perfect business sense.”

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full Content: Bloomberg

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.