Municipal Bond Antitrust Probe Spurs Civil Suits

Law360, New York (March 14, 2008, 12:00 AM EDT) -- Several states, counties, cities and school districts have joined together to bring two nationwide proposed class actions alleging that 37 banks, insurance companies and brokers engaged in widespread price-fixing and bid-rigging in the municipal derivatives industry.

The suits, filed Wednesday in the U.S. District Court for the District of Columbia, named a slew of defendants including AIG Financial Products Corp., AIG SunAmerica Life Assurance Co., GE Funding Capital Market Services Inc., Genworth Financial Inc., JP Morgan Chase & Co., Bear, Stearns & Co. Inc., Societe Generale...
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