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Baltimore files antitrust suit against 10 major banks, alleging illegal rate inflation costing cities billions

Baltimore files antitrust suit against 10 major banks, alleging illegal rate inflation costing cities billions

Baltimore is suing 10 major banks, alleging they illegally inflated interest rates for particular bonds for public works — overcharging Baltimore and other municipalities by billions of dollars.

The city is seeking class-action status for the federal antitrust lawsuit, saying the banks inflated costs for the city and other local governments, which Baltimore seeks to represent. That takes money away that could be spent on schools, police, roads, sewer lines and the like.

The lawsuit, filed in the Southern District of New York, alleges that Bank of America, Barclays Bank, BMO Financial Group, Citibank, Fifth Third Bank, Goldman Sachs, JP Morgan Chase, Morgan Stanley, Royal...

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