San Francisco, California’s fourth-largest city, sued five bond insurance firms Wednesday, alleging “an elaborate web of anticompetitive practices, negligence, and fraud that has been exposed by the recent meltdown in the subprime mortgage market.”

The suit accuses Ambac Financial Group Inc., MBIA Inc., XL Capital Assurance Ltd, Financial Guaranty Insurance Co., and CIFG Assurance North America Inc. of fraud, breach of contract, negligence, and violation of state antitrust laws. The suit also names Jason Kissane of MBIA and Neil Pack of CIFG as defendants. They head their firms’ San Francisco offices.

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