Mississipi Sues JP Morgan, Merrill Lynch, Others

Font Size By The Associated Press
.

M50o93H7pQ09L8X1t49cHY01Z5j4TT91fGfr Mississipi Sues JP Morgan, Merrill Lynch, Others
Published: Fri, March 14, 2008 - 10:24 am
WASHINGTON (AP) - A group of state and municipal governments,
including Mississippi, have sued multiple financial-services firms,
alleging price-fixing and bid-rigging in the municipal derivatives
industry.
The suits were filed against 37 financial-services firms,
including Merrill Lynch & Co., JPMorgan Chase & Co. and Morgan
Stanley.
JPMorgan Chase and Merrill Lynch declined to comment. Morgan
Stanley was not immediately available to comment.
In a statement, attorneys representing the government said the
defendants conspired to deprive the group of extra money they would
have received from their municipal bond investments.
The lawsuits, filed in federal court in Washington, allege the
price-fixing and bid-rigging dates back to 1992.
Municipal derivatives are used to invest proceeds of municipal
bonds.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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