Banks Rejected By Supreme Court in Muni Bond Price-Fixing Case

The US Supreme Court refused to block a class action lawsuit that seeks billions of dollars from Bank of America Corp., JPMorgan Chase & Co. and other financial institutions for allegedly fixing prices in the municipal bond market.

Making no comment, the high court on Monday turned away an appeal from units of eight banks, refusing to hear their arguments that a federal trial judge was wrong to certify the case as a class action. Municipalities led by the city of Philadelphia are pressing the suit, accusing the banks of inflating interest rates on state and municipal bonds.