The US Supreme Court refused to block a class action lawsuit accusing Bank of America Corp., JPMorgan Chase & Co. and other financial institutions of fixing prices in the municipal bond market. The decision allows plaintiffs to pursue potentially billions of dollars in damages against major Wall Street institutions.

The plaintiffs, which include municipalities and investors, allege the banks coordinated to manipulate prices in the municipal bond market, causing harm to taxpayers and bond buyers. This marks a significant legal setback for the defendants, who had sought to have the case dismissed before trial.

The case represents one of the most substantial antitrust claims brought against major banks in recent years. The municipal bond market handles hundreds of billions of dollars in debt issuance annually for states, cities, and local governments.