News in Brief June 6 – Bank of America, British Petroleum and More

Bank of America and Others Sued over Antitrust Claims

Several banks, including Bank of America, have been hit with a proposed class action claiming that they collaborated to fix the prices of supranational, sub-sovereign and agency (SSA) bonds. The suit was brought by the City of Atlanta Firefighters Pension Fund and says that the alleged scheme led to them paying more than they should have for SSA bonds. Along with Bank of America, Deutsche Bank, Credit Suisse, Nomura International and Credit Agricole Corporate and Investment Bank have been named as defendants.

BP Settles Deepwater Horizon Investor MDL

British Petroleum has agreed to pay $175 million to end a multidistrict litigation (MDL) comprised of cases saying it misled investors about the severity of the Deepwater Horizon explosion’s aftermath. It was argued that if investors had known that the oil leak following the explosion was worse than actually disclosed by BP, they would have paid a lower price for BP stock.

American Medical Systems Settles Over 100 Pelvic Mesh Cases

American Medical Systems (AMS) has settled more than 100 lawsuits in an MDL claiming that its transvaginal mesh devices cause chronic pain and other injuries. The Apogee and Perigree systems, as well as the MiniArc and IntePro Y Slings (among others), are included in the settlement. AMS settled an earlier 100 cases in July 2015.