Bank of America, Class Plaintiffs Tussle Over Bank’s Global Settlement With States

Bank of America Corp. and plaintiffs who filed a class action against the bank over alleged bid-rigging in the municipal derivatives industry are crossing swords over the bank’s recent multimillion-dollar agreement with 20 state attorneys general to settle related charges (In re Municipal Derivatives Antitrust Litig.).

The plaintiffs are urging the court hearing their case to intervene in the settlement, contending that it purports to settle the claims of putative class members without prior notification or consultation with class counsel. However, according to BoA, the plaintiffs’ concerns are “baseless.”

BoA’s agreement with the states was part of a ...