Baltimore Targets 11 Banks In Latest Price-Rigging Suit

Law360 (April 2, 2019, 5:18 PM EDT) -- The city of Baltimore doubled down on its legal battle against major banking institutions on Monday in filing the latest antitrust lawsuit to accuse banks of fixing the prices of bonds issued by government-sponsored entities Fannie Mae and Freddie Mac.

Only a week after alleging a conspiracy among top banks to inflate the interest rates on city-issued bonds, Baltimore's mayor and City Council returned to New York federal court to allege that 11 banks colluded in the issuance of "Fannie and Freddie Bonds," or FFBs, to earn "illegal, excessive profits" at the expense of investors.

"This conspiracy injured investors like the...

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