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Major Banks Named In Antitrust Case

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Major Banks Named In Antitrust Case

Business

Major Banks Named In Antitrust Case

Major Banks Named In Antitrust Case

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More than a dozen major banks — including JPMorgan Chase and Bank of America — are named in an antitrust case filed with the Justice Department. Bloomberg News reports that the documents describe a conspiracy by the banks to pay unfairly low interest rates to state and local governments on their investments.

RENEE MONTAGNE, host:

NPR's business news starts with another case against big banks.

(Soundbite of music)

MONTAGNE: More than a dozen major banks - including JPMorgan Chase and Bank of America - are named in an antitrust case filed with the Justice Department. According to Bloomberg News, documents describe a conspiracy by the banks to pay unfairly low interest rates to state and local governments on their investments. This market in municipal securities is highly profitable for Wall Street. The government says the banks profited at taxpayers expense. The banks have not been charged with wrongdoing, and refused comment.

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