A Murders Row of commercial banks came together to fight an action brought by municipal advisor on behalf of the State of New Jersey, claiming that the banks – in connection with their resetting of interest rates of variable-rate, tax-exempt municipal bonds – defrauded the State of more than $100 million.
Essentially just the standard-issue claims from about a decade ago that had gone nowhere.
The Appellate Court dismissed the claim on the grounds (inter alia) that the information relied upon by plaintiffs to establish their robo-setting claims was at all times publicly-accessable and available to plaintiffs.