Documents filed in a US Justice Department criminal antitrust case have named JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and UBS AG among banks involved in a ‘conspiracy’ to pay below-market interest rates to US state and local governments on investments, reports Bloomberg on Friday. Altogether, the government list of previously unidentified “co- conspirators” names more than two dozen bankers at firms also including Bank of America Corp., Bear Stearns Cos., Societe Generale, and two of General Electric Co.’s financial businesses. The document is said to provide the broadest look yet at alleged collusion in the $2,800bn municipal securities market. For more, see FT Alphaville.

This entry was posted by Izabella Kaminska on Friday, March 26th, 2010 at 9:30 and is featured in The Lunch Wrap (26 Mar 2010) . Tagged with jpmorgan, lehman, Municipalities, ubs, wall street. Edit this entry.