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Big Banks Fixed Freddie, Fannie Bond Prices, Investors Say

Law360 (February 25, 2019, 9:24 PM EST) -- Bank of America, JP Morgan and a host of other big-name banks have been slapped with a proposed class action accusing them of working together to manipulate the price of Fannie Mae and Freddie Mac bonds.

The banks took advantage of the private, “over-the-counter” nature of buying and selling unsecured bonds to rope investors into purchasing at artificially high prices, according to the suit filed Friday in a New York federal court.

“An OTC market is therefore a dark market that enables a few select, knowledgeable, and privileged dealers to collude and harm investors — especially as compared to stock markets...

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Attached Documents


Kirkland & Ellis LLP has redefined what it means to be the biggest of BigLaw — weighing in at 2,116 attorneys by year end 2018 and becoming the first firm since Law360 began tracking law firm head counts to top 2,000 U.S.-based attorneys.



Case Information

Case Title

Subscribers Only

Case Number

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New York Southern

Nature of Suit



Subscribers Only

Date Filed

February 22, 2019

Law Firms


Government Agencies