From The Wall Street Journal, March 27, 2010:
Over a Dozen Firms Snared in Probe of Muni Market
More than a dozen Wall Street banks and investment firms are suspected of being involved in alleged price-fixing in the municipal-bond market, where states and cities raise money, according to a court filing.
The designation of "co-conspirator" may or may not lead to criminal charges against banks and other firms. Charles A. Ross, a white-collar criminal defense lawyer at Charles A. Ross & Associates LLC in New York, said it is often the case that unindicted co-conspirators are never charged.
But he added: "It's a nasty brush to be painted with, particularly if you have led an otherwise law-abiding life or, perhaps, if you were a member of a highly regulated community."