Attorneys file Municipal Derivatives Antitrust Class Action

News Type: Event — Seeded on Sat Mar 15, 2008 4:28 PM EDT

Article Source: insurancenewsnet.com

U.S. District Court for the District of Columbia file a class action lawsuit against thirty seven leading banks, insurance companies, and brokers alleging widespread price-fixing and bid-rigging in the multi-billion dollar municipal derivatives industry dating back to 1992.

"This appears to be one of the longest running, most economically pervasive antitrust conspiracies ever to be uncovered in the U.S.," said Michael D. Hausfeld.

Defendants named in the investgation--AIG Financial Products Corp.; AIG SunAmerica Life Assurance Co.; GE Funding Capital Market Services, Inc.; Genworth Financial Inc.; JP Morgan Chase & Co.; Bear, Stearns & Co., Inc.; Soci é t é G é n é rale SA; UBS AG; Lehman Brothers Inc.; Merrill Lynch & Co. Inc.; Morgan Stanley; Wachovia Bank N.A.; Natixis S.A.; Financial Security Assurance Holdings, Ltd.; Financial Security Assurance, Inc.; Financial Guaranty Insurance Company; Trinity Funding Co. LLC; Piper Jaffray & Co.; Security Capital Assurance Inc.; XL Asset Funding Company LLC; XL Life Insurance & Annuity, Inc.; National Westminster Bank plc; or Bank of America N.A.

Published to:

Steven Gross's Column, All of Newsvine
Groups: Claims Authority, Newsvine Community, Nightly News (Old), Worldviews
Regions: none

What's this?

Who's leading the conversation?

This visualization below allows you to see the impact that each user has on the current conversation. The top row contains the group of users who have had the most impact, the 2nd row the group of users who have had the 2nd most impact (et cetera). Users with similar impact are grouped together, and the average score of the group is shown to the left of the group. The author of the article is also shown on the left, in their corresponding group. Each user's score is based on the number of comments the user has made plus the number of votes their comments have received. The scores are calculated relative one another, so while their absolute value is not particularly important, their relative difference does indicate a larger difference in impact on the conversation.

0.5

{"commentId":1582419,"authorDomain":"insuranceconsult08"}

Steven Gross

It doesn't appear that the kings of the insurance industry such as State Farm, Allstate, Farmers, Progressive, and Geico are listed as defendants in this investigation. Those in the finance and lending industries, well, that's another story.

{"commentId":1582419,"threadId":"235107","contentId":"1369011","authorDomain":"insuranceconsult08"}

#1 - Sat Mar 15, 2008 5:47 PM EDT

{"canLink":false,"threadId":"235107","isPrivate":false}

STEVEN GROSS

Backyard

Attorneys file Municipal Derivatives Antitrust Class Action

Published to:

FUN STUFF:

COMPANY STUFF:

LEGAL STUFF: