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Philadelphia sues seven banks over muni deal "collusion": Bloomberg

Feb. 21, 2019 9:48 AM ETJPMorgan Chase & Co. (JPM) Stock, BAC StockBAC, JPMBy: Liz Kiesche, SA News Editor22 Comments
  • 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.

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