A brewing dispute involving Bank of America’s settlement with state attorneys general who alleged antitrust violations in the municipal bond derivatives market raises some provocative questions about whether regulatory settlements are supplanting private class actions—and whether they should.
Last December, the attorneys general of New York and 19 other states announced that they had reached a $67 million settlement with BofA to resolve allegations that the bank was part of a nationwide scheme to rig bids and allocate market share in the marketing and sale of municipal bond derivatives. The New York attorney general was part of BofA’s multifaceted, $137 million resolution of various state and federal investigations of the muni-bond derivatives market.
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