Philadelphia sues seven big banks

The city of Philadelphia has filed an antitrust lawsuit against seven major banks.

In the suit, Philadelphia officials allege Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Royal Bank of Canada and Wells Fargo conspired to inflate interest rates for a type of bond used by cities, towns and other public entities.

Philadelphia was issued some $1.6 billion in bonds. The city alleges the banks colluded to collect hundreds of millions of dollars worth of fees they didn't earn.

Read more from Reuters.