Bank of America has agreed to pay $137.3 million to resolve allegations of bid rigging in the municipal bond industry, U.S. Justice Department officials said today.
The bank today entered a global agreement with 20 states and four federal agencies, including the Securities and Exchange Commission. DOJ officials said Bank of America employees conspired to rig bids in connection to the marketing and sale of tax-exempt municipal bond derivative contracts. SEC documents are here.
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