Judge Shira Scheindlin’s ruling was part of a timetable she set for a sprawling lawsuit that that involves 55 investment banks, more than 300 companies, and millions of pages of documents, records and transcripts.
At issue in the lawsuit is whether investment banks cheated investors by allegedly creating artificially high demand and prices for initial public offerings of securities. Among the allegations: Analysts manipulated the market with optimistic research and banks ramped up commissions in exchange for access to IPO shares.
Lawyers for the investors plan to file a motion next month seeking class action status in the case, then both sides will press ahead with discovery that will include everything from telephone records and trading documents to pitch books and organizational charts.
Scheindlin ruled that the banks, including Citigroup C.N and Goldman Sachs Group GS.N , must make the documents they handed over to U.S. government prosecutors who investigated the banks available to lawyers for the investors by the middle of next month.