Washington - Securities Law
U.S. Attorneys in Bid-Rigging Case Seek $6.9M in Restitution from Three
Thursday, December 20, 2012
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U.S. attorneys asked a federal judge Monday to order former executives of a General Electric Co. affiliate to pay $6.9 million in restitution to municipal bond issuers for rigging bids on municipal bond reinvestment contracts.

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Before the financial crisis of 2008-09, it would have been significant news if yields on municipal bonds had exceeded those on Treasury securities at any maturity, and that occurrence likely would have attracted a variety of investors seeking to take advantage of the relative-value opportunity.

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