March 26, 2019 / 9:32 PM / 8 months ago

Baltimore alleges big banks colluded on municipal securities rates

The City of Baltimore has filed suit against 10 major banks accusing them of colluding to manipulate interest rates for a certain type of municipal security, causing states and local governments to pay billions of dollars in extra interest.

Filed late Monday in Manhattan federal court, the lawsuit accuses Bank of America, Citigroup, JPMorgan Chase and seven other banks of violating federal antitrust law by manipulating rates on so-called “variable-rate demand obligations”, or VRDOs from at least 2007 through June 2016.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2uvyDn2

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