NEW YORK, April 21, 2008 (Lawfuel) — Pomerantz Haudek Block
Grossman & Gross LLP (www.pomerantzlaw.com) (“Pomerantz”) has Commenced
an antitrust class action against various investment banks including,
Bank of America, N.A., JP Morgan Chase & Co., Piper Jaffray & Co., UBS
AG, and Wachovia Bank N.A., concerning municipal derivatives. A
municipal derivative is one of a variety of tax exempt vehicles that
government entities use to invest the proceeds of bond offerings in
their possession. Municipal derivatives are generally grouped into two
categories pertaining to either (i) the investment of bond proceeds or
(ii) the bond’s underlying interest rate obligation.
The class action complaint alleges that the Defendants rigged bids in
order to force class members to receive lower interest rates on
contracts than they would have in a competitive market. Any state,
local or municipal government entity, independent government agency or
private entity that purchased by competitive bidding or auction
municipal derivatives directly from a Defendant, or through a broker,
at any time from January 1, 1992 through the present in the United
States and its territories, is a class member and may have a claim for
damages.
If you wish to review a copy of the complaint, to discuss this action,
or have any questions, please contact Michael M. Buchman
(mbuchman@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or
888.4POMLAW).
The Pomerantz Firm, which has offices in New York, Chicago, Washington,
D.C., Columbus, Ohio and the San Francisco Bay area, is acknowledged as
one of the premier firms in the areas of corporate, securities, and
antitrust class litigation. Founded by the late Abraham L. Pomerantz,
known as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 70 years later,
the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class members.
