Though it may not seem like it to people paying rent in Manhattan, the real estate prices in New York City have started to decline recently, and this has cause Swiss banking giant UBS to start searching the market for up to 800,000 square feet for new offices and branches in the city.

Three major banks were sued today by a California public electric utility, the Sacramento Mununcipal Utility District (SMUD), which alleged that the banks coordinated pricing and accepted kickbacks in a scheme to pre-determine the winners of “municipal derivative” auctions.