Philly, Baltimore Fight To Keep Big Banks In Rate-Rigging Suit

Law360 (October 1, 2019, 3:53 PM EDT) -- Two major cities pushed back against a bid by several big banks to escape an antitrust suit that accuses them of rigging bond rates, telling a New York federal court the banks were making "strawman attacks" in a "desperate attempt" to falsely characterize the alleged conspiracy.

Baltimore city officials and the city of Philadelphia claim that the financial institutions, including Bank of America Corp., Barclays Bank PLC and Goldman Sachs & Co. LLC, artificially inflated interest rates on securities known as variable-rate demand obligation bonds, which are tax-exempt bonds used to fund major municipal projects. VRDO interest rates are reset daily...

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