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US Appeals Court Revives $10 Billion Antitrust Lawsuit Against 10 Banks Over Conflict of Interest

Jul 2, 2024, 04:45 PM

A US appeals court has reinstated a $10 billion antitrust lawsuit against 10 large banks, after it was revealed that the trial judge who had previously dismissed the case should have recused himself due to a financial conflict of interest. The judge's wife owned stock in one of the banks involved in the lawsuit, leading to questions about impartiality. The revived lawsuit accuses the banks of overcharging investors on corporate bonds. This decision follows an investigation by the Wall Street Journal that brought the conflict of interest to light.