Wells Fargo Loses Bid to Dismiss Muni Bond Suit
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Wells Fargo & Co., UBS AG, Morgan Stanley and more than a dozen other financial institutions lost a bid to dismiss legal claims accusing them of conspiring to rig bids for municipal derivatives.
U.S. District Judge Victor Marrero in Manhattan today refused to toss out the lawsuit brought by Mississippi, municipalities and other bond issuers. The suit, first filed in 2008 and dismissed by Marrero last year, was re-filed with a new complaint against fewer defendants and now will go forward after today’s ruling.