Municipal Issuers’ VRDO Interest-Rate Antitrust Class Action
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Bank of America and seven other banks · Variable-rate demand bonds (VRDOs) · Ongoing Litigation
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About this case
Cities and other local and state issuers allege that Bank of America and seven other banks colluded to artificially increase interest rates on more than 12,000 variable-rate demand bonds from 2008 to 2015. The U.S. Supreme Court declined to disturb class certification, and the consolidated federal litigation is ongoing.
Case overview
- Defendant company
- Bank of America and seven other banks
- Product or service
- Variable-rate demand bonds (VRDOs)
- Court case number
- 19-cv-01608
- Case status
- Ongoing Litigation
- Lawsuit type
- Antitrust
- Reported harm
- Competition Pricing
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Sources
Public reporting associated with this case.