News Summary: Lawsuit says buyout firms colluded
By: The Associated Press
THE CHARGE: Executives at some of the country's largest private equity firms reportedly told each other they wouldn't drive up prices for companies they were looking to buy, according to new court documents.
THE LAWSUIT: A complaint released Wednesday by a federal district court in Boston details exchanges between executives at Bain Capital, Blackstone Group LP, and other private equity giants. It's part of a long-running lawsuit charging the firms with rigging bids for 19 buyouts during the wave of blockbuster deals before the financial crisis.
WHO IS SUING: The plaintiffs in the class-action case are former shareholders in the companies bought by the private equity firms.
THE CHARGE: Executives at some of the country's largest private equity firms reportedly told each other they wouldn't drive up prices for companies they were looking to buy, according to new court documents.