Mass. Sues Broker Over Alleged Bid-Rigging

Law360, New York (November 10, 2010, 3:27 PM EST) -- Massachusetts' attorney general has sued the North American arm of Compagnie Financiere Tradition, alleging the brokerage awarded certain banks bond deals that circumvented the state's bidding process.

The office of Attorney General Martha Coakley filed its complaint against Tradition (North America) Inc. on Friday in the Superior Court of Massachusetts, Suffolk County, alleging several violations of Massachusetts state law.

The state claims Tradition gave “last looks” to favored banks when it was supposed to be trying to secure the best returns for the state. The scheme...
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