NEW YORK, April 21, 2008 (PRIME NEWSWIRE) -- 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca/