Fannie-Freddie Bond Price-Fixing Plaintiffs Seek Class Status

A multidistrict lawsuit alleging a global scheme to rig the $550 billion market for bonds backed by Fannie Mae and Freddie Mac should be certified as a class action, the plaintiffs told a Manhattan federal judge.

The antitrust suit targets Citigroup Inc., JPMorgan Chase & Co., and eight other top banks. It accuses them of colluding to narrow the spread between what they pay for the unsecured over-the-counter bonds and what they get for them. The case is consolidated in the U.S. District Court for the Southern District of New York. It was filed by seven pension funds, ...