Wells Fargo Dodges Philly, Baltimore Bond Rate-Rigging Suit

Law360 (June 18, 2019, 7:45 PM EDT) -- 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.

In a brief stipulation and order, the cities said they would voluntarily dismiss holding company Wells Fargo & Co. from the proposed class action, following similar stipulations for the holding companies of Goldman Sachs, JP Morgan, and other defendants over the past few weeks.

Other Wells Fargo entities, which the cities say were directly involved in rate-rigging, remain defendants in the suit....

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