It looks like banks might have rigged another huge market

The market for US Treasury bonds may have been rigged. That’s according to a federal antitrust lawsuit, first reported by Bloomberg's Alexandra Scaggs and Matthew Leising. The plaintiffs — Cleveland Bakers and Teamsters Pension Fund, represented by law firm Quinn Emmanuel Urquhart & Sullivan — claim that Treasury dealers including Goldman Sachs, JPMorgan, and Morgan Stanley coordinated to manipulate primary market Treasury auctions. They cite data from Rosa Abrantes-Metz, who has testifi...