A dozen banks identified in municipal derivatives case
Big name banks and ex-banks, including JP Morgan, Lehman Brothers and UBS, are mentioned as co-conspirators in a criminal antitrust case in the municipal securities market, Bloomberg reported Friday. The banks are alleged to have conspired to pay below-market rates to municipalities on their investments. Documents filed by an attorney for one of the defendants in federal court in New York list a dozen banks and two dozen bankers as co-conspirators identified by the government. The firms and individuals have not been previously disclosed, but they have not been charged in the case.
‘Open Skies’ to be more open
The United States and the European Union are expanding the framework that regulates how airlines operate across the Atlantic, the New York Times reported Thursday. The preliminary deal builds on the 2007 ‘Open Skies’ agreement, and calls for Europe to ease airport noise laws and for the U.S. to allow for more foreign ownership in its carriers. The deal still faces a steep climb on Capitol Hill, according to the newspaper.
Swiss open probe in camera market
Swiss antitrust regulators are looking at Japanese camera maker Nikon, according to the Associated Press. The probe involves whether a Nikon subsidiary blocked other companies from importing some of its photography products, according to the report.
Section 5
The Financial Times looks at FTC Commissioner Tom Rosch and the agency’s efforts to push the boundaries of its authority under Section 5 of the FTC Act.
