Civil Litigation
Mar. 19, 2024
State gets jury trial against 8 financial services companies
The state accuses the banks of conspiring to artificially inflate bond interest rates through a “robo-resetting” scheme. The defendants have denied wrongdoing. The judge ruled that the plaintiff’s request for a jury trial was timely, despite the defendants’ argument that it would prejudice them.
SAN FRANCISCO — A superior court judge on Monday granted the state of California’s request for a jury trial nearly nine years after its former counsel “inadvertently failed” to pay the jury fees in a qui tam action accusing eight of the country’s biggest financial institutions of conspiring to artificially inflate bond interest rates as part of an alleged “robo-resetting” scheme.
According to the seventh amended complaint, filed on behalf ...
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