Flint, Michigan, residents sue investment banks – Springfield Business Journal

8October 2020

Residents of Flint, Michigan, filed suit against three investment banks related to the water supply contamination controversy that occurred more than six years ago.

The suit filed on behalf of 2,600 children alleges JPMorgan Chase & Co., Wells Fargo and Stifel, Nicolaus & Co. aided in the exposure.

The companies financed the city of Flint’s participation in a $220 million municipal bond sale to construct a new water pipeline. The lawsuit alleges the companies knowingly put Flint in danger by doing so, as the city was required to rely on the corrosive Flint River as a temporary water source with an ill-equipped water plant to treat it.

Read more from The Detroit News.

Source: sbj.net

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