Cases & Deals

Wells Fargo defends against antitrust claims arising from trading of odd-lots of corporate bonds

Clients Wells Fargo Bank, National Association

Jones Day represents several Wells Fargo Bank, National Association affiliates in a putative class action alleging antitrust violations related to the defendants' alleged restraint of trade of odd-lots of corporate bonds in the secondary market. The plaintiffs purport to represent a class of investors who bought and/or sold odd-lots of corporate bonds in the secondary market between 2007 and the present and allege two primary theories of antitrust behavior against more than twelve bank defendants: (a) collusion to increase transaction costs for odd-lot trades and (b) collusion to restrict retail investor access to electronic trading platforms.

Litovich v. Bank Of America Corporation, et al., No. 1-20-cv-03154 (S.D.N.Y.)