Wells Fargo has agreed to pay at least $37 million in a lawsuit that alleges several banks rigged bidding competitions to win business from state and local governments.

Banks help municipalities invest the money they raise from bond offerings to earn interest before paying for projects. They compete by submitting to state and local governments the best yield they can offer.

The lawsuit alleges several banks rigged the process and deprived governments of a true competitive process that would produce the best returns on their investments.