Banking
Dec. 1, 2023
8 banks must produce documents in state’s suit over high fees
“Defendants failed to set the rates at the lowest possible interest rates, as their agreements with California required,” stated the state’s complaint, signed by Todd M. Schneider of Schneider Wallace Cottrell Konecky LLP.
A San Francisco judge on Thursday ordered eight of the nation's biggest banks to turn over documents from out-of-state lawsuits that mirror a State of California action accusing financial institutions of colluding to inflate fees and set fraudulent interest rates on variable rate tax exempt bonds.
"Defendants have engaged in this scheme so they can collect millions of dollars per year in remarketing fees without providing any of the remarke...
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