Unveiling the Alleged Conspiracy on America's Top Banks: An In-depth Examination of the VRDO Class Action Lawsuit

In the heart of Seattle, on the 12th day of January 2024, a shocking announcement stirred the financial community. The esteemed service provider, JND Legal Administration, revealed the emergence of a weighty lawsuit posed against several of America's largest banks. Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, the Royal Bank of Canada, and Wells Fargo, collectively referred to as the 'Defendants', find themselves amidst an intriguing legal tussle.

The Alleged Conspiracy

The Defendants stand accused of allegedly engaging in a covert conspiracy to manipulate interest rates on Variable Rate Demand Obligations (VRDOs). If proven, this could prove to be a steep fall from grace for these reputable financial institutions known for their integral role in the global economy.

Delving Deeper into the VRDO

VRDOs, a form of long-term municipal securities, have their interest rates reset on a weekly or, sometimes, even daily basis. The interest reset process, also known as remarketing, plays a crucial role in determining the rate at which investors earn from these securities. However, the class action lawsuit claims these rates were fixed during the period from February 1, 2008, through November 30, 2015.

The Plaintiffs

The class action lawsuit, intimate with the nomenclature City of Philadelphia et al. v. Bank of America Corporation et al, Case No. 19-cv-1608, was borne out of the collective legal might of numerous plaintiffs. They claim violation of federal antitrust law and various states' contract laws on behalf of the Defendants. The Southern District Court of New York has allowed the case to advance as a class action suit, with nationwide participation and a sub-class potentially including you.

The Criteria for Potential Class and Sub-Class Members

You may find yourself a potential class member if you paid the interest expenses on a VRDO, the interest rates of which were reset on a weekly or daily basis between February 1, 2008, through November 30, 2015. In the event that you not only meet these criteria but were also part of a remarketing agreement with any of the following Counterparty Defendants, there would be room for you in the potential sub-class: Banc of America Securities LLC; Barclays Capital, Inc.; Citigroup Global Markets Inc.; Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; RBC Capital Markets LLC; Wachovia Bank N.A.; and Wells Fargo Bank, N.A.

Your Rights and Options

An essential aspect to underscore is the urgency inherent in this development. You are required to decide on your stance regarding the lawsuit, whether to remain or exclude yourself, before March 11, 2024. The fruits of this lawsuit are, at best, speculative. Even as the court is yet to consider the merits of the legal claims against the Defendants, who are steadfast in their denial, no settlement or payment is being guaranteed.

Choosing to Stand With the Class

By choosing to stand with the class, you keep the possibility of future gain from trial or settlement alive. You would also be bound by the court's judgment, whether in favor of the Plaintiffs or Defendants. The law firms of Quinn Emanuel Urquhart & Sullivan, L.L.P., Wollmuth Maher & Deutsch L.L.P., and Susman Godfrey L.L.P have taken up the mantle of Class Counsel.

Electing to Exclude Yourself

Conversely, if you choose to exclude yourself from the lawsuit, you forego any benefits that may come but you retain the right to independently pursue legal action against the Defendants with your expenses, your attorney, and your terms.

Contact

For comprehensive information on the lawsuit, visit VRDOClassAction.com or call 1-877-595-0089.

SOURCE: JND Legal Administration