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Baltimore Sues 10 Banks Over VRDOs, Alleging Price Collusion (2)

March 27, 2019, 1:50 PM

Baltimore filed a class-action lawsuit in federal court against 10 banks for violating federal antitrust and state law, alleging that they colluded to manipulate the pricing of variable-rate municipal bond securities, according to a copy of the lawsuit.

  • Baltimore “was harmed by Defendants’ collusive fixing of interest rates on VRDO bonds above a competitive level,” the lawsuit states
  • The lawsuit was filed against Bank of America, Barclays, BMO Financial Group, Citigroup, Goldman Sachs, Fifth Third, JPMorgan, Morgan Stanley, RBC and Wells Fargo
  • Bill Halldin, spokesman for Bank of America, declined to comment, as did Andrew Smith, spokesman for Barclays, Scott ...