Reuters: GE to Settle Municipal Bond Rigging Lawsuit
Reuters reported court papers show General Electric agreed to pay as much as $18.25 million to settle a class action lawsuit accusing it of rigging bids for municipal securities.
Reuters said further the settlement requires court approval and stems from litigation that began in 2008 over claims that banks and finance companies conspired to artificially fix prices for municipal derivatives. The GE settlement involved activity by three of the company’s units: GE Funding Capital Market Services, Trinity Funding and Trinity Plus Funding, Reuters added.
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