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Interest rate swaps class action vs big banks could draw in 'tens of thousands' of public bodies with billions at stake

By Scott Holland | Friday, Feb 19, 2016 @ 8:31pm

Two Mississippi and Alabama hospitals and the county that includes the cities of Biloxi and Gulfport, Miss., have squared off in Chicago federal court with many of the country’s biggest financial institutions over so-called interest rate swaps — an issue now impacting governments and other public bodies throughout the country, including Chicago’s public schools system.