3 big pension funds are suing 6 giant banks for co

3 big pension funds are suing 6 giant banks for collusion involving short selling. Did you know that lending out stocks for short-selling is "more than $1 trillion" business? Yes that Trillion with a T.

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The funds claimed in the lawsuit that the defendants conspired to take down upstart stock lending platforms AQS, which was developed by Quadriserv Inc, and SL-x, which would have allowed lenders and borrowers to interact directly.

The lawsuit claimed that in 2012 Goldman Sachs threatened to stop doing business with Bank of New York (BNY) Mellon if it continued to support the AQS platform and that the bank agreed to stop using it. BNY Mellon declined to comment.

The lawsuit said that through a joint project called EquiLend LLC, the banks purchased SL-x's intellectual property and shelved it, according to the lawsuit. The funds accused the banks of establishing EquiLend in 2001 to safeguard their interests in the stock lending market.

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http://www.businessinsider.com/r-us-pension-f...ion-2017-8