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The City of Philadelphia v. Bank of America Corporation et al

  1. January 05, 2024

    Objections To Rate-Rigging Class Cert. Too Late, Judge Says

    A New York federal judge told several large banks that they waited too long to raise constitutional and statutory concerns about including cities and government entities in a certified class of investors accusing banks of inflating interest rates on debt securities known as variable rate demand obligations. 

  2. September 21, 2023

    Cities Score Class Cert. In Rate-Rigging Suit Against Banks

    A New York federal judge on Thursday granted class certification to a group of American cities that are accusing eight large banks of inflating interest rates on debt securities known as variable rate demand obligations, overruling the banks' arguments that the cities couldn't show common issues prevailed among the different plaintiffs.

  3. April 19, 2022

    Big Banks Say VP's Letter Backs Bid To Narrow VRDO Case

    Big banks sued for allegedly inflating interest rates on debt securities known as variable rate demand obligations said Monday that they've gotten hold of old records from Vice President Kamala Harris' time as California attorney general that vindicate part of their pending bid to dismiss certain claims against them.

  4. September 15, 2021

    Big Banks Say VRDO Antitrust Case's New Claims Don't Fly

    Big banks sued for allegedly inflating interest rates for debt securities known as variable rate demand obligations told a New York federal judge on Tuesday that the latest complaint filed against them by Baltimore and other local government issuers is overgrown with some untenable new claims.

  5. November 15, 2019

    Info Sharing Isn't Rate-Rigging, Big Banks Tell Cities

    Bank of America, Wells Fargo and a slew of other major financial institutions said Thursday that the two major cities accusing them of rigging bond rates are trying to spin standard information sharing into an antitrust conspiracy.

  6. October 01, 2019

    Philly, Baltimore Fight To Keep Big Banks In Rate-Rigging Suit

    Two major cities pushed back against a bid by several big banks to escape an antitrust suit that accuses them of rigging bond rates, telling a New York federal court the banks were making "strawman attacks" in a "desperate attempt" to falsely characterize the alleged conspiracy.

  7. July 31, 2019

    Banks Try To Escape Philly, Baltimore Bond Rate-Rigging Suit

    A slew of major banks, including Bank of America, Barclays and Goldman Sachs, have urged a New York federal court to exclude them from an antitrust suit accusing them of conspiring to artificially inflate the interest rates on securities known as variable-rate demand obligation bonds.

  8. June 18, 2019

    Wells Fargo Dodges Philly, Baltimore Bond Rate-Rigging Suit

    Philadelphia and Baltimore officials agreed in New York federal court Monday to let Wells Fargo out of their suit accusing several financial institutions of conspiring to inflate the interest rates on bonds used to fund major municipal projects.

  9. May 02, 2019

    3 Firms Appointed To Lead Philly-Baltimore Bond Rate Suit

    Despite some concerns, a New York federal judge has appointed Quinn Emanuel, Wollmuth Maher and Susman Godfrey to lead a lawsuit by two cities accusing big banks of fixing bond rates.

  10. February 21, 2019

    Philly Sues BofA, Wells Fargo, Others Over Bond Rates

    The city of Philadelphia announced Thursday that it has filed suit against a group of financial institutions, including Bank of America and Wells Fargo, accusing them of conspiring to inflate the interest rates on bonds used to fund major municipal projects.

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