Top Banks Conspired to Defraud Taxpayers

Top Banks Conspired to Defraud Taxpayers

More than a dozen top American banks were involved in a conspiracy to swindle taxpayers by rigging auctions in the $2.8 trillion municipal bond market, according to an indictment filed by the Department of Justice and multiple lawsuits across the country.

Some conspirators are now cooperating with investigators or have already pled guilty, while other alleged participants deny wrongdoing and await trial.

The federal government and dozens of municipal bond issuers claim