Suit filed over panel rejecting banks over gun policies
BATON ROUGE, La. (AP) — A Louisiana resident is challenging the state Bond Commission's decision to exclude two large banks from underwriting state contracts because of the banks' corporate policies regarding firearms businesses.
The Advocate reports that the lawsuit was filed Wednesday in state court in Baton Rouge. The lawsuit argues that the move last spring exceeded the Bond Commission's authority, broke state rules and cost taxpayers by limiting competition for the work.
Bank of America was excluded because it stopped issuing loans to some makers of military-style rifles. Citigroup was excluded for requiring retail clients to require background checks for firearm purchases, refuse to sell to anyone under 21 and quit selling bump stocks and high-capacity magazines.
State Treasurer John Schroder, who chairs the Bond Commission, declined to comment on the lawsuit.
Information from: The Advocate, http://theadvocate.com