Fresno sues dozens of firms

It alleges a conspiracy to rig bids cost the city more than $500,000. By Denny Boyles / The Fresno Bee The city of Fresno has filed a federal lawsuit against more than 30 investment firms alleging that a 16-year-old conspiracy between the companies to rig bids on investment rates cost the city more than $500,000. Fresno's action comes amid a multiagency federal investigation against the same companies and is the latest in a series of municipal lawsuits filed nationwide that could become a class action. The lawsuit, filed July 17 at the U.S. District Court in Fresno, asks that any damages awarded to the city be tripled. Fresno's lawsuit alleges the companies violated federal antitrust laws to rig bids, allocate customers and markets, and fix the rates of return on municipal investments made by Fresno and other cities. The... [read full story]