Home Substantial portion Big banks say VP letter backs bid to cut VRDO deal

Big banks say VP letter backs bid to cut VRDO deal

By Jon Hill (April 19, 2022, 9:59 p.m. EDT) — The big banks sued for allegedly inflating interest rates on debt securities known as floating-rate demand bonds said Monday they had gotten their hands on old files from Vice President Kamala Harris’ time as California Attorney General which substantiates part of their current bid to dismiss certain claims against them.

The banks, which include Bank of America Corp., Citigroup Inc. and an array of other major financial institutions, flagged the “recently obtained records” in a letter to U.S. District Judge Jesse M. Furman, who oversees the class consolidated antitrust. action against them in federal court in New York.

The files consist mainly of…

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