Pa. Treasurer Says Banks Fixed Freddie, Fannie Bond Prices
Law360 (March 19, 2019, 8:36 PM EDT) -- Pennsylvania Treasurer Joe Torsella on Tuesday heaped on a proposed class action accusing major banks, including Bank of America, Barclays Bank PLC, Deutsche Bank AG, Goldman Sachs and JPMorgan Chase, of conspiring to fix the prices of bonds issued by Fannie Mae and Freddie Mac.
In the proposed class action suit filed in the U.S. District Court for the Southern District of New York, Torsella said the banks used the closed-off, “over-the-counter” trading process for the unsecured debt securities, also known as “Fannie and Freddie Bonds” or FFBs, to manipulate what investors paid for the bonds in the nearly 4½ years...
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