Goldman Sachs Group was named as a defendant in an antitrust case alleging the firm was part of a conspiracy to discourage trading on the plaintiffs’ platform for exchanging swaps tied to interest rates.
The case was filed in federal court in Manhattan on April 18, New York-based Goldman Sachs said Friday in a quarterly regulatory filing, without naming the plaintiffs or other defendants.
Online trading startups Tera Group, TeraExchange and Tera Advanced Technologies filed a suit last month against more than a dozen banks, saying they conspired to block fund managers from entering the market for interest-rate swap trading, according to the complaint.
Investors are stuck in the “dark and inefficient over-the-counter market,” and blocked from transparent, competitive pricing and faster trades, the plaintiffs said.
Full Content: Business Times
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