JPMorgan, Citigroup’s $68 Million Rate-Fixing Deal Approved (2)

A $68 million agreement to settle a decade of litigation over a municipal bond price-fixing scandal involving some of the nation’s largest banks was approved on Monday.

Illinois Circuit Court Judge Thomas Donnelly also approved an emergency order sought by the eight defendants to vacate an Aug. 7 trial date since a settlement agreement has been reached.

Lawyers for whistleblower Edelweiss Fund LLC on Monday argued against approving the $68 million agreement, saying it violates the state’s False Claims Act by arbitrarily setting a $15 million award for Edelweiss that doesn’t cover its reasonable fees, costs, and expenses.

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