Calif. Utility Sues Banks Over Derivatives

17 Nov 2009

The Sacramento (Calif.) Municipal Utility District has sued Bank of America and more than 12 other banks for allegedly conspiring to pre-select winners of municipal derivatives auctions and accepting kickbacks.

The Sacramento (Calif.) Municipal Utility District has sued Bank of America and more than 12 other banks for allegedly conspiring to pre-select winners of municipal derivatives auctions and accepting kickbacks. Filed in U.S. District Court for the Eastern District of California, the suit charges the banks with “allocating ...

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