A group of state and municipal governments, including Mississippi, Chicago and Fairfax County, Va., said Friday they sued multiple financial-services firms, alleging price-fixing and bid-rigging in the municipal derivatives industry.
The suits were filed against 37 financial-services firms, including Merrill Lynch & Co., JPMorgan Chase & Co. and Morgan Stanley.
JPMorgan Chase and Merrill Lynch declined to comment. Morgan Stanley was not immediately available to comment.
In a statement, attorneys representing the government said the defendants conspired to deprive the group of extra money they would have received from their municipal bond investments. The suits, filed in federal court in Washington, allege the price-fixing and bid-rigging dates back to 1992.
Municipal derivatives are used to invest proceeds of municipal bonds.
Was this article valuable?
Here are more articles you may enjoy.
Berry Producer Driscoll’s Sued Over Alleged Greenwashing, Use of Forever Chemicals 
CBIZ Brokerage to Be Spun Off, Backed by Private Equity, After $5B Grant Thornton Deal 
Zurich CEO Says Staff Let Go as Regulator Finma Imposes Partial Sales Ban 
AI Finding Twice as Many Cyber Flaws in 2026 as It Did in 2025 
