Class action certification has been granted to six out of 310 lawsuits filed over claims that Morgan Stanley, Credit Suisse First Boston Inc. and dozens of other investment banks rigged initial public stock offerings during the 1990s. U.S. District Judge Shira Scheindlin in New York who certified the six suits said that it is likely she will also grant class certification to the 304 remaining suits. The suits were filed on behalf of millions of investors who purchased stocks during the IPO frenzy of Internet startup companies. The suits claim that the banks had secret arrangements requiring IPO clients to buy more stock later at higher prices which created artificial demand that drove prices even higher, until they collapsed.

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