JP Morgan Gets Wells Notice In Municipal Bond Probe

Law360, New York (May 13, 2008, 12:00 AM EDT) -- JP Morgan Chase & Co. is among several financial institutions that could face civil charges in a long-running investigation into price-fixing and bid-rigging in the municipal derivatives industry, the company disclosed Monday.

The company said in its quarterly report that it received a Wells Notice in March from the U.S. Securities and Exchange Commission indicating that staff members are considering recommending an enforcement action against JP Morgan “in connection with the bidding of various financial instruments associated with municipal securities.”

JP Morgan is the latest in...
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