Philly Hits Big Banks With Rate-Swap Antitrust Suit

The city of Philadelphia PA. has filed a proposed class action in Illinois accusing 14 major world financial institutions of colluding to avert interest rate swaps from being purchased and sold on the exchange. This follows the latest of a series of suits over the same allegation. Companies libeled include Bank of America Corp., J.P. Morgan Chase & Co. and Barclays PLC, who are accused of quashing efforts to set up exchanges for interest rate swaps.

By Diana Novak Jones (May 23, 2016, 8:25 PM EDT) -- The city of Philadelphia filed a proposed class action in Illinois federal court Monday that accuses 14 major world financial institutions of colluding to prevent interest rate swaps from being bought and sold on an exchange, the latest in a series of suits over the same allegation....

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