Fresno Sues Wall Street Firms Over Derivatives

Law360, New York (July 18, 2008, 12:00 AM EDT) -- The city of Fresno, Calif., is the latest plaintiff in a series of suits alleging that several of Wall Street's biggest firms engaged in bid-rigging and price-fixing in the municipal derivatives industry.

Fresno City Attorney James C. Sanchez filed the proposed class action Thursday in the U.S. District Court for the Eastern District of California. The suit alleges that the investment banks and their subsidiaries conspired to fix prices and rig auctions of guaranteed investment contracts between 1992 and the end of 2007.

By investing the...
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