Bank of America, UBS, JPMorgan Sued Over Derivatives (Update1)

[Banjo]

Bank of America Corp., UBS AG and JPMorgan Chase & Co. were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aBMy4gnnFIk4&pos=6

 

[MaklodaSux]

Sounds similar to what Eron/Merrill Lynch were charged with during its scandals. Enron targeted the utilities in California as well.

 

[TraderZones]

Quote from Banjo:

Bank of America Corp., UBS AG and JPMorgan Chase & Co. were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aBMy4gnnFIk4&pos=6

Why does UBS always seem to be on the list when discussing banks and illegal activities?

 

[AK100]

Trouble is they (whoever buys all these derivatives) sort of deserve what they get.

Surely they must have learnt by now that when an investment bank comes calling offering to help it's odd-on they're going to get stuffed up.