A recent decision by the 2nd US Circuit Court of Appeals in Manhattan has brought attention to an antitrust lawsuit involving 10 major banks accused of overcharging investors on corporate bonds. The court ruled that the trial judge should have been recused due to a conflict of interest, as his wife owned stock in one of the banks.
The lawsuit, which was initially dismissed by US District Judge Lewis Liman in October 2021, alleged that Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, NatWest, and Wells Fargo overcharged bond investors on 'odd-lot' trades, valued at less than $1 million.
