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Litigation

Jul. 24, 2008

L.A. to Sue Big Banks, Claiming Losses From Bond Rate Scheme

Lawyers on behalf of the city plan to file two civil lawsuits today seeking millions of dollars in damages against some of the nation's largest banks, claiming they illegally fixed municipal bond rates in a scheme that cheated the city out of proceeds and racked up massive bond-issuance insurance costs.

By Peter Matuszak
Daily Journal Staff Writer
This article appears on Page 1

      LOS ANGELES - Lawyers on behalf of the city plan to file two civil lawsuits today seeking millions of dollars in damages against some of the nation's largest banks, claiming they illegally fixed municipal bond rates in a scheme that cheated the city out of proceeds and racked up massive bond-issuance insurance costs.
  &nbs...

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