Mayor and City Council of Baltimore, Maryland v. Citigroup, Inc.
Court of Appeals for the Second Circuit
1Opinion of the Court
HALL, Circuit Judge:
This case is one of many arising out of the collapse of the market for auction rate securities in early 2008. Plaintiffs in this consolidated action seek relief on behalf of two large putative classes — one whose members bought auction rate securities and one whose members issued them. Defendants, who rank among the world’s largest and best-known financial institutions, are alleged to have triggered the market’s collapse by conspiring with each other to simultaneously stop buying auction rate securities for their own proprietary accounts. According to Plaintiffs, the…
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