It looks like banks might have rigged another huge market
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Treasury Secretary Jacob Lew.
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 testified in other market-rigging cases and is an adjunct associate professor at New York University.
According to her analysis, 69% of a certain type of Treasury auction - for so-called reissued Treasuries - look suspicious.
Goldman Sachs and Morgan Stanley declined to comment.
JPMorgan could not immediately be reached for comment.
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