GE Funding To Pay $70M To Settle Muni Bond Probe

Law360, New York (December 23, 2011, 2:07 PM EST) -- GE Funding Capital Market Services Inc. agreed Friday to pay $70 million to a group of state and federal agencies to settle antitrust, securities, tax and false claims allegations that some of the company's municipal bond traders manipulated the bidding process.

In order to avoid prosecution for antitrust violations, the company admitted that some of its former traders illegally agreed to rig the bidding process of municipal investment and other contracts from 1999 through 2004, which thwarted competition, according to the U.S. Department of Justice.

GE Funding also reached...
To view the full article, register now.