Judge Denies Big Banks, Allowing San Diego, Other Cities to Push Bond Collusion Claim ...Middle East

FILE PHOTO – Customers use ATMs at a Citibank branch in New York City, Oct. 11, 2020. REUTERS/Nick Zieminski A federal judge on Thursday said San Diego and other U.S. cities may pursue class-action claims accusing large banks of driving up interest rates on a popular municipal bond. U.S. District Judge Jesse Furman in Manhattan rejected efforts by eight banks – Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Royal Bank of Canada and Wells Fargo – to require cities to pursue claims individually, likely reducing potential recoveries. In addition to San Diego, cities led by Baltimore and Philadelphia accused the banks of colluding to raise rates o

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Judge Denies Big Banks, Allowing San Diego, Other Cities to Push Bond Collusion Claim ...Middle East

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