RBC among banks that lose appeal in U.S. municipal bond lawsuit [Yahoo! Finance Canada]
Barclays PLC (BCS)
US:NYSE Investor Relations:
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Source: Yahoo! Finance Canada
accused of keeping interest rates of certain long-term municipal bonds intentionally high for their own benefit. The charges against the banks were brought about by a group led by the City of Philadelphia and included the San Diego Association of governments and the mayor and city council of Baltimore. This group issued long-term bonds called variable rate demand obligations (VRDO), which generally help cities raise money for infrastructure development. The bonds pay interest to investors at a rate that is periodically reset and the group hired the banks to act as remarketing agents to set the interest rates on more than 12,000 VRDOs. As part of their contracts, the banks are required to set the interest rate at the lowest possible rate. If an investor decides to redeem a VRDO, the bank is required to pay the investor and then either remarket the bond or, if it cannot sell it for a satisfactory price, hold it among its own investments. If a bank sets higher interest rates than
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BCS
Sec Filings
- 4/13/26 - Form 6-K
- 4/7/26 - Form 6-K
- 4/1/26 - Form 6-K
- BCS's page on the SEC website