The newspaper quoted court papers and stated that investors are suing the two banks and 41 others, including Morgan Stanley and CSFB, claiming that they rigged IPOs in 310 Internet and software start-ups between 1998 and 2000.
Lawyers for the plaintiffs have stated that damages could top the $1bn mark.
The banks deny the claims.
Securities regulators have been investigating these and related matters for almost two years now.
In January CSFB agreed to pay $100m in settlement of regulatory charges that it alloted sought-after IPO shares in return for investor kickbacks in the form of higher commissions.
43 Investment Banks Sued
The influential Straits Times reports that Merrill Lynch and Goldman Sachs are among investment banks accused of forcing clients seeking IPO shares to buy more stock at higher prices after listings.
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