Banks Look To Deal Knockout Blow In Bond Price-Fix Suit

Law360 (June 14, 2019, 3:34 PM EDT) -- Major banks accused of working together to fix bond prices for government-sponsored entities, including Fannie Mae and Freddie Mac, have urged a New York federal judge to throw out the lawsuit against them, saying investors bringing the suit cannot substantiate their "impossibly broad" conspiracy claims.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, UBS Securities LLC and others asked in a joint motion Thursday to dismiss the consolidated complaint brought by the retirement plan of the city of Birmingham, Alabama, and other investors.

According to the complaint, the financial institutions fixed prices for bonds issued by...

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