Chicago City Hall

Mayor, treasurer Summers at odds over antitrust lawsuit against big banks

Mayor, treasurer Summers at odds over antitrust lawsuit against big banks

Chicago Treasurer Kurt Summers Jr. would like City Hall to step up.

More to the point, Summers advocates the Emanuel administration, along with other government entities, back a lawsuit alleging antitrust violations against the nation's biggest banks. The legal salvo was first fired by the Chicago Teachers' Pension Fund, and other parties are expected to follow.

The retiree plan is suing the banks for marketing investments, derided in some circles as toxic interest-rate swaps. For decades, these instruments have been sold for millions of dollars to the teachers' retiree plan, other local government agencies and the city.

So far, Mayor Rahm Emanuel wants little to do with...

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