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Bates White client wins favorable settlement in variable rate demand obligation case

Ilan Guedj was retained by counsel from Constantine Cannon to provide testimony for the plaintiff in a matter brought on behalf of the state of Illinois. At issue in the case were allegations of widespread fraud and collusion by several financial institutions in the fees they charged and the interest rate they set for Illinois tax-exempt municipal bonds known as variable rate demand obligations (VRDOs). Dr. Guedj submitted several reports and provided deposition testimony in which he proposed methodologies for quantifying damages. The case ultimately settled, with the defendants agreeing to pay approximately $70 million, the largest reported settlement under the Illinois False Claims Act.

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