US Bank, Others Sued Over Tax Lien Bid-Rigging Scam

Law360, New York (April 2, 2012, 9:44 PM EDT) -- A property owner on Thursday claimed in a putative class action that he and others like him had been duped in a price-fixing scam that U.S. Bank NA contrived with investment firms and individual investors to keep interest rates high at municipal tax lien auctions in New Jersey.

Between at least 2000 and 2009, the prospective lien buyers met and talked about manipulating the bidding process at lien auctions, according to the suit, which was filed in New Jersey federal court. In those meetings, they allegedly...
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