Eight Financial Giants Pay Settlement Over Widespread Fraud and Collusion Allegations

JPMorgan Chase, Bank of America and Six Financial Giants Pay $70,000,000 Settlement Over Allegations of ‘Widespread Fraud and Collusion’ Eight financial giants are shelling out tens of millions of dollars to settle a decade-long whistleblower lawsuit. JPMorgan Chase, Bank of America, Citigroup, Morgan Stanley, Fifth Third Bancorp, Barclays, Bank of Montreal (BMO) and William Blair were sued in 2014, accused of reaping millions in illicit profits by rigging interest rates on municipal bonds. The whistleblower, identified in the lawsuit as Edelweiss Fund LLC, says the firms have paid $70 million to settle the lawsuit. Edelweiss accused the group of Wall Street firms…