Associated Press Published

Four Financial Groups Settle $1.3M Suit With State


West Virginia Attorney General Patrick Morrisey says four financial companies are settling an antitrust case for $1.3 million.

Morrisey says UBS, FSA, Natixis and Municipal Bond Insurance Association reached the settlement in a larger case that has totaled $4.7 million.

Morrisey’s office inherited the case from former Attorney General Darrell McGraw, who sued more than 20 banks and financial companies for alleged violations of state and federal antitrust laws.

Morrisey’s office says the case involved illegal bid rigging, which limited competition, fixed bond rates and caused cities and state agencies to lose money.

The case was filed in Mason County and transferred into a multistate federal case in New York.

The companies deny any allegations of wrongdoing with the settlement.

The settlement will benefit various state and local agencies.