Banking
Jun. 27, 2025
Judge delays ruling in fraud case against major banks
San Francisco judge postpones ruling in whistleblower lawsuit accusing major banks of defrauding California taxpayers by inflating municipal bond rates, with billions in potential damages at stake.
A San Francisco judge deferred his tentative ruling on a motion for summary adjudication Thursday in a 12-year-long whistleblower lawsuit against a handful of the country's biggest banks, accused of defrauding California taxpayers through a complex municipal bond scheme.
The banks, including JPMorgan Chase & Co., Bank of America Corp., Citigroup and Morgan Stanley, are accused by Edelweiss Fund LLC, on behalf of the state of California in a qui tam case, of violating contr...
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