Philadelphia Sues Seven Banks Over Municipal Bond Rates -Bloomberg
22 February 2019 - 6:07AM
Dow Jones News
--Seven banks are being sued by the city of Philadelphia, which
alleges they colluded to fix the prices of certain municipal bonds,
Bloomberg reports Thursday.
--Philadelphia says the banks worked together to raise the
interest rates on the bonds, the report said.
--The banks named in the suit were Bank of America Corp. (BAC),
Barclays PLC (BCS), Citigroup Inc. (C), Goldman Sachs Group Inc.
(GS), JP Morgan Chase & Co. (JPM), RBC Capital Markets LLC and
Wells Fargo & Co. (WFC), the report said.
--A Citigroup spokesman declined comment and the other banks
were unavailable to comment, the report said.
Full story:
https://www.bloomberg.com/news/articles/2019-02-21/philadelphia-sues-seven-banks-over-collusion-in-muni-pricings
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
February 21, 2019 13:52 ET (18:52 GMT)
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