Banks face challenge related to muni interest-rate swaps

The Los Angeles City Council told city officials to request that terms of two municipal interest-rate swaps be eased. The Service Employees International Union took up the cause of the price of exiting swaps, launching a nationwide campaign to point the finger at banks for municipalities' financial woes. The moves could damage banks' relationships with municipalities and result in a compromise on outstanding municipal swaps, some industry observers said.

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