Firm Serving as Court Appointed Co-Lead Counsel in Antitrust Action Involving the Municipal Bond Market
The Firm serves as court appointed Co-Lead Counsel in an action pending in the Southern District of New York in which the cities of Philadelphia and Baltimore claim that certain financial institutions, including Bank of America Corp., Barclays Bank PLC, and Goldman Sachs & Co. LLC, artificially inflated interest rates on securities known as variable-rate demand obligation bonds (“VRDOs”), which are tax exempt bonds used to fund major municipal projects. VRDO interest rates are reset daily or weekly, and the banks serving as remarketing agents are obligated to keep the cities’ rates as low as possible.
The case is The City of Philadelphia et al. v. Bank of America Corp. et al., 1:19-cv-1608 (S.D.N.Y.).