San Jose Sues BofA, UBS, Others Over Muni Derivatives

Law360, New York (May 24, 2010, 5:10 PM EDT) -- The city of San Jose, Calif., is suing a slew of financial services companies including Bank of America NA, UBS AG, Citibank NA and The Goldman Sachs Group Inc. for violating federal and state antitrust laws and engaging in an industrywide conspiracy involving municipal derivatives.

Corporate giants that also included Merrill Lynch & Co. Inc., Morgan Stanley and Societe Generale SA violated the Sherman Act and California's Cartwright Act by rigging bids and giving the city poor rates, according to a complaint filed on Friday in...
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