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The city of Philadelphia has filed an antitrust lawsuit accusing seven major banks of conspiring to inflate interest rates for a type of bond used by cities, towns and other public entities, costing them potentially billions of dollars.
In a complaint filed on Wednesday night, Philadelphia accused Bank of America Corp (NYSE:BAC), Barclays (LON:BARC) Plc, Citigroup Inc (NYSE:C), Goldman Sachs Group Inc (NYSE:GS), JPMorgan Chase & Co (NYSE:JPM), Royal Bank of Canada and Wells Fargo (NYSE:WFC) & Co of secretly manipulating rates for tax-exempt bonds known as VRDOs, or variable-rate demand obligations.
