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: Legal Pad | LAL.A. sues over 30 major Wall Street financial institutions and bond insurers
By Jason Siegel
Los Angeles is suing some of the nations largest banks on allegations that they conspired to minimize the returns the city received after investing its bonds in financial instruments called derivatives, The Recorder reported (here).
The lawsuit alleges fraud, deceit and multiple violations of California's antitrust law by Bank of America, Banc of America Securities, Bear Stearns, UBS AG, JP Morgan Chase & Co., Lehman Brothers Inc, Merrill Lynch & Co., Morgan Stanley, Piper Jaffray, Wachovia Bank, Citigroup, AIG Financial Products, Financial Security Assurance Holdings, Financial Guaranty Insurance, Rabobank, Salomon Smith-Barney, and others.
A separate complaint was filed against corporations that insure bonds, claiming they misled the city by failing to disclose the extent of their investments in subprime loans, The Recorder reported.
Those corporations include Ambac Financial, MBIA, XL Capitol Assurance, ACA Financial Guaranty, Financial Guaranty Insurance, CIFG Assurance North America and others.
Full post as published by Legal Pad | LA on July 24, 2008 (boomark / email).
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