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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles JP Morgan, UBS Named In Muncipal Auction Bid-Rigging Suit Email Facebook Digg Twitter Buzz Up! ShareThis March 26, 2010 7:13 p.m. EST Topics: company information, economy, business and finance, United States Mitchell Jaworski - AHN News Reporter Washington, DC, United States (AHN) - An antitrust lawsuit was filed with the U.S. Justice Department accused at least a dozen banks with being involved in a municipal bond conspiracy that aimed to pay below market interest rates. The suit names JP Morgan, UBS and defunct investment bank Lehman Brothers as the main conspirators, while adding Bank of America, Citigroup and many others as co-conspirators. The filing was made by attorneys of former employees at CDR Financial Products Inc, which is an advisory firm that was indicted back in October for running sham auctions that helped firms pay below market interest rates on guaranteed investment contracts bought by local government and school districts. Guaranteed investment contracts are purchased by municipalities with the funds received from bond sales, a hefty sum considering municipal bond sales total more than $400 billion a year. Municipalities earn a small interest on the investment contracts bought with funds they do not need at the present time. The IRS has the ability to collect earnings on the investments, which is why they require a competitive bidding process to ensure a fair-market return. The filing noted that the list of co-conspirators was provided by the government. None of the banks has been officially charged with any wrongdoing. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Phillies Fan Charged With Attempted Sex Trade Food Network's Paula Deen Countersued For $40 Million Sandra Bullock Has Prenup Contract With Jesse James UFC Fighter Thiago Alves To Undergo Brain Procedure Fourth Alleged Jesse James Mistress Comes Forward, Hires Gloria Allred Somali Pirate Killed By Private Security Guards Sandra Bullock, Jesse James Cover Story Reportedly In Touch Magazine's Biggest Seller Ever Jesse James Told Mistress His Marriage To Sandra Bullock Was A Sham Michigan State Topples Northern Iowa; Advances To Elite 8 Magnitude 6.2 Earthquake Rocks Chile Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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