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Stock impact report

Wall Street Banks Want Muni Whistle-Blower Suit Dismissed [Bloomberg Business News]

Barclays PLC (BCS) 
LISTEN TO ARTICLE 2:30 Eight banks that help sell municipal bonds for Illinois asked a judge to dismiss a $1 billion lawsuit accusing them of fraud and collusion. The remarketing agents for variable-rate demand obligations say that the suit filed on April 5 by Edelweiss Fund LLC under the Illinois False Claims Act doesn’t identify specific statements made by any of the defendants, false or otherwise. They also claim that it’s based upon conjecture rather than inside knowledge; and that the majority of deals cited were done through conduits "made on behalf of non-State entities who bear all of the financial risks of the transactions.” The banks seeking dismissal of the lawsuit are: Morgan Stanley; JPMorgan Chase & Co.; Citigroup Inc.; Bank of America Corp.; Barclays Capital; Fifth Third Bancorp; William Blair & Co.; and BMO Capital Markets Corp. Michael Lissack, a spokesman for Edelweiss, declined to comment. ‘Robo-Reset’ Variable-rate Show less Read more
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