In a lawsuit regarding prices of mortgage-backed securities, the state of New Mexico has reached a $32.5 million settlement. The financial institutions in the lawsuit are alleged to have manipulated the prices of mortgage-backed securities purchased by state pension funds from 2003 to 2010.
Barclays Capital, Citigroup Global Markets, Goldman Sachs & Co., J.P. Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith, NatWest Markets Securities, and Washington Mutual Mortgage Securities Corp. were all named as defendants in the lawsuit. The firms admitted no liability. The lawsuit was filed on behalf of the New Mexico State Investment Council by the Attorney General’s Office.
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