Info Sharing Isn't Rate-Rigging, Big Banks Tell Cities

Law360 (November 15, 2019, 4:25 PM EST) -- Bank of America, Wells Fargo and a slew of other major financial institutions said Thursday that the two major cities accusing them of rigging bond rates are trying to spin standard information sharing into an antitrust conspiracy.

The banks are doubling down on their bid to escape a consolidated suit from Baltimore city officials and the city of Philadelphia that claims they conspired to fix the interest rate of city-issued bonds, telling a New York federal judge that the cities are alleging some vague agreement to keep rates artificially high based only on evidence that the banks exchanged information related to...

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