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The Illinois case is part of several state-level lawsuits brought by Minnesota-based municipal advisor Johan Rosenberg, accusing banks of conspiring to set the interest rates of state-issued VRDOs artificially high.
It's one of four state cases accusing Wall Street banks of a "robo-resetting" scheme that kept interest on variable-rate debt artificially high.
Providing, among other things, for the succession of Mary Miselis to Beata Harvin as Co-Trustee under such Mortgage and Deed of Trust, and First Mortgage Bonds,... | April 5, 2023
Variable-rate debt, tender option bonds and even prepaid gas bonds may stage a comeback in the current market, panelists at a GFOA conference said.
Recent court decisions have the potential to up the ante in lawsuits accusing major banks of manipulating the variable-rate market.