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Lawsuit accusing 10 banks of rigging $23 trillion U.S. Treasury market is dismissed

A federal judge on Thursday dismissed a long-running antitrust lawsuit accusing 10 of the world’s largest banks of pursuing two interrelated conspiracies to suppress competition in the now $23.2 trillion market for U.S. Treasury securities. U.S. District Judge Paul Gardephe in Manhattan said the 18 plaintiffs — including pension and retirement funds, banks and companies that traded in Treasuries — failed to address shortcomings he found one year ago when dismissing an earlier version of their proposed class action. The defendants include Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Goldman Sachs, JPMorgan Chase, Morgan Stanley, NatWest Group and UBS, as well as trading platform operator Tradeweb Markets.

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