Securities
Apr. 14, 2011
Deal in B of A Bid-Rigging Suit Under Fire
Plaintiffs' attorneys accusing banks of rigging the bidding process for municipal bonds want governmental entities to know a $67 million settlement with Bank of America Corp. is not the only game in town.
Daily Journal Staff Writer
SAN FRANCISCO - As part of a $67 million multi-state settlement with Bank of America Corp. to resolve claims the bank participated in a municipal bond bid-rigging conspiracy, California public agencies and nonprofits are eligible to receive about $6 million in restitution.
That amount is miniscule compared to what the entities could get if they join with pending class actions against the bank, accord...
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