Credit Default Swap Class Action Clears Motions To Dismiss And Proceeds To Discovery* On Thursday, Judge Denise Cote of the U.S. District Court for the Southern District of New York refused to dismiss a class-action antitrust lawsuit involving the $21 trillion credit default swap (“CDS”) market, permitting the case to proceed to discovery. The plaintiffs in In re Credit Default Swaps Antitrust Litigation allege that some of the largest investment banks in the United States – including Bank of America, Citibank, Goldman Sachs, JPMorgan and Morgan Stanley – conspired to prevent price transparency and competition in the CDS market. The individual plaintiffs are groups of CDS investors, including several public pension funds. A CDS is a financial tool to hedge credit risk. The buyer of a
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The US District Court for the Southern District of New York refuses to dismiss a class-action regarding an antitrust lawsuit on the basis that plaintiffs had alleged facts that showed a plausible conspiracy (Credit Default Swaps)
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