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Current Cases / Municipal Bond Class Action

A number of municipal entities have recently filed nationwide class action lawsuits against thirty seven leading banks, insurance companies, and brokers alleging widespread price-fixing and bid-rigging in the multi-billion dollar municipal derivatives industry dating back to 1992.

Audet & Partners, LLP seeks to work with attorneys who represent cities, municipalities, counties, parishes, and/or states that have purchased municipal bond derivatives from any of the below companies:

• AIG Financial Products Corp.;
• AIG SunAmerica Life Assurance Co.;
• GE Funding Capital Market Services, Inc.;
• Genworth Financial Inc.;
• JP Morgan Chase & Co.;
• Bear, Stearns & Co., Inc.;
• Societe Generale SA;
• UBS AG;
• Lehman Brothers Inc.;
• Merrill Lynch & Co. Inc.;
• Morgan Stanley;
• Wachovia Bank N.A.;
• Natixis S.A.;
• Financial Security Assurance Holdings, Ltd.;
• Financial Security Assurance, Inc.;
• Financial Guaranty Insurance Company;
• Trinity Funding Co. LLC;
• Piper Jaffray & Co.;
• Security Capital Assurance Inc.;
• XL Asset Funding Company LLC;
• XL Life Insurance & Annuity, Inc.;
• National Westminster Bank plc;
• or Bank of America N.A.

Municipal derivatives are used to invest the proceeds of municipal bonds. Because municipal bonds commonly fund multi-year public works projects, most of their proceeds cannot be spent immediately, and must be invested to earn interest until they are ripe for use. These investment vehicles are known as municipal derivatives, an umbrella term that refers to various tax-exempt vehicles, including guaranteed investment contracts, advance refunding escrows, swaps, options, swaptions, collars, and floors.

Persons seeking to preserve any potential legal claims should contact an attorney promptly, since all states have mandatory time periods in which lawsuits must be filed with the courts; otherwise, they may be forever barred. Audet & Partners represents individuals, governmental entities, small businesses and institutional shareholders in product liability, tort, negligence, consumer, construction defect, investment fraud, securities, insider trading, antitrust, environmental, whistle blower, aviation and employment cases. In recognition of their outstanding abilities and commitment to the legal profession over the years, the firm and its members have served as Court-appointed Plaintiffs’ Counsel in dozens of federal and state cases throughout the United States.