- JPMorgan Chase (JPM) and Bank of America (BAC -0.1%) are among seven banks being sued by the city of Philadelphia, which alleges that the banks worked together to fix the prices of on floating-rate bonds issued to finance public works, Bloomberg reports.
- According to a class action filed in federal court in Manhattan Wednesday, the city claims the banks conspired to inflate the interest rates on the bonds from as early as 2008.
- The suit seeks to represent a group including municipalities, hospitals, and universities.