Louisiana AG Says Big Banks Rigged Gov't-Sponsored Bonds

Law360 (September 24, 2019, 7:59 PM EDT) -- Bank of America and a dozen other big banks worked together for years to rig the price of bonds issued by government-sponsored entities like Fannie Mae and Freddie Mac, Louisiana's attorney general has told a federal court.

Deutsche Bank, which is named in the suit, served as a “cooperating co-conspirator” and provided the state with the evidence it needed to file the antitrust suit, the state told a Louisiana federal judge Monday.

JP Morgan, Goldman Sachs & Co. and others relied on the “opaque structure” of the bond market to support their scheme, Louisiana said in its 88-page complaint.

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