Philadelphia sues seven banks over ‘collusion’ in muni deals

PHILADELPHIA HAS SUED seven banks accusing them of costing local governments billions of dollars by colluding to fix the prices on floating-rate bonds issued to finance public works. / BLOOMBERG NEWS FILE PHOTO/JOHN TAGGART
PHILADELPHIA HAS SUED seven banks accusing them of costing local governments billions of dollars by colluding to fix the prices on floating-rate bonds issued to finance public works. / BLOOMBERG NEWS FILE PHOTO/JOHN TAGGART
NEW YORK - Philadelphia sued seven banks including JPMorgan Chase & Co. and Bank of America Corp., accusing them of costing local governments billions of dollars by colluding to fix the prices on floating-rate bonds issued to finance public works. The city alleges the banks conspired to inflate the interest rates on the bonds from as…

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