City Accuses Banks Of Price-Fixing On Investments

Law360, New York (April 23, 2008, 12:00 AM EDT) -- The city of Oakland, Calif., is the latest plaintiff to take aim at a group of leading financial giants over alleged bid-rigging in the municipal derivatives industry, announcing Wednesday it would launch a federal antitrust lawsuit accusing the firms of colluding on investment contracts.

The Oakland city attorney's office said it plans to take legal action against Bank of America, Bear Stearns Cos., JPMorgan Chase and Wachovia Corp., among others, claiming the companies conspired to gouge taxpayers through illegal price-fixing and bid-rigging in their offers for...
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