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Supreme Court Allows $12B Class-Action Suit Against Banks

4/21/2026

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Summary

Story summary

The U.S. Supreme Court declined to hear an appeal by Bank of America and seven other banks, allowing a $12 billion class-action suit to proceed.
The lawsuit, filed by Baltimore, Philadelphia, and other cities, accuses the banks of colluding to inflate municipal-bond interest rates from 2008 to 2016.
The banks say cities should sue individually and deny any wrongdoing.
The cities maintain that banks misinterpret class-certification standards.

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Story summary

The U.S. Supreme Court declined to hear an appeal by Bank of America and seven other banks, allowing a $12 billion class-action suit to proceed.
The lawsuit, filed by Baltimore, Philadelphia, and other cities, accuses the banks of colluding to inflate municipal-bond interest rates from 2008 to 2016.
The banks say cities should sue individually and deny any wrongdoing.
The cities maintain that banks misinterpret class-certification standards.