WASHINGTON — State and local governments may soon face a difficult choice in the ongoing fallout from state investigations of bid rigging in the municipal securities market: cash in now, or wait and collect potentially larger payments later from antitrust lawsuits seeking treble damages from banks and broker-dealers.

The dilemma springs from an estimated $190 million that roughly two dozen state attorneys general netted from Bank of America Securities LLC, now Bank of America Merrill Lynch, UBS Financial Services Inc., and JPMorgan in settlements stemming from ongoing state probes of muni bid-rigging.

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