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Banks Accused Of Rigging Fannie, Freddie Bond Prices

Law360 (March 27, 2019, 6:04 PM EDT) -- Two pension funds filed a proposed class action in New York federal court Tuesday accusing more than a dozen investment banks of rigging prices for bonds issued by government-backed mortgage giants Fannie Mae and Freddie Mac.

Alleging a six-year pattern of collusion by major institutions, including Bank of America and Wells Fargo, the antitrust suit purports to represent Dallas transit retirees, a metal workers union and other investors injured from allegedly fixed bond prices.

The banks, as the underwriters for debt issues by the mortgage companies — known as government-sponsored entities, or GSEs — worked together as a cartel to fix...

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