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"Pensions Sue Banks Over Credit-Default Swaps"

"Lawsuit Alleges Big Lenders Conspired to Fix Pricing, Control Market Access

Big banks are facing new allegations they conspired to control pricing and access in the lucrative credit derivatives markets.

Three Danish pension funds and their investment-management company filed a lawsuit Thursday in U.S. District Court for the Northern District of Illinois, alleging antitrust violations and saying the banks "unreasonably restrained competition" in the $25 trillion credit-default-swaps market. The funds allege that the harm done to investors as a result of anticompetitive practices was "in the tens of billions of dollars." They asked the court for injunctive relief in addition to monetary damages, which they didn't specify..."

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