Law360, Chicago (May 23, 2016, 8:25 PM EDT) -- The city of Philadelphia filed a proposed class action in Illinois federal court Monday that accuses 14 major world financial institutions of colluding to prevent interest rate swaps from being bought and sold on an exchange, the latest in a series of suits over the same allegation.The suit, which alleges violations of the Sherman Act, claims banks like Bank of America Corp., J.P. Morgan Chase & Co. and Barclays PLC worked together to quash efforts to set up exchanges for interest rate swaps through boycotts, strategic pressure and threats.The suit claims the banks used the scheme to maintain control... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
The city of Philadelphia PA. I have been a fan for many years and this is the first time that I am writing about it. This follows the latest of a series of suits over the same allegation. Companies libeled include Bank of America Corp., J.P. Morgan Chase & Co. and Barclays PLC, who are accused of quashing efforts to set up exchanges for interest rate swaps.