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SMUD vs. Bank of America

SMUD vs. Bank of America

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Published by KathleenHaley

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Published by: KathleenHaley on Feb 12, 2010
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05/24/2012

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Case 2:09-at-01810 Document 1 Filed 11/12/2009 Page 173 of 181

v

LAW OFFICES

COTCHETT,
PITRE &
MCCARTHY

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592.Defendants, and each of them, and their named and unnamed co-
conspirators, agreed to, and did in fact, restrain trade or commerce in violation of
the Sherman Act by engaging in conduct, including, but not limited to, the
allocation of the market for Municipal Derivatives amongst themselves, sharing
their illegal gains through kickbacks to one another, and making other secret,
undisclosed arrangements.
593.In formulating and effectuating their agreement, contract,
combination, trust and/or conspiracy, Defendants, and each of them, and their
named and unnamed co-conspirators, engaged in anticompetitive activities
including, but not limited to, the making of illegal agreements among themselves
to reduce competition and thereby reduce the returns that U.S. public and non-
profit entities, including SMUD, earned on Municipal Derivatives and to allocate
the market for Municipal Derivatives amongst themselves. This scheme involved
means, including but not limited to, the following activities:
a.

conspiring to pre-select the winners in particular Municipal
Derivative auctions;

b.

submitting courtesy bids designed to lose in favor of the pre-
selected bid winner but give the bidding process the
appearance of legitimacy;

c.

declining to submit a bid in favor of the pre-selected winner;

d.

submitting deliberately losing bids that were unreasonable and
unrealistic;

e.

engaging in inappropriate last look arrangements, whereby the
pre-selected winner of the auction was given a last look at
submitted bids to ensure that the bid that it submitted would be
just high enough to win and to police the other participants in
the conspiracy.;

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