JPMorgan Faces SEC Charges Over Muni Bonds

Law360, New York (May 8, 2009, 12:00 AM EDT) -- JPMorgan Chase & Co. has revealed it is facing charges by the U.S. Securities and Exchange Commission in connection with a long-running probe of price-fixing and bid-rigging in the municipal derivatives industry.

The SEC advised the financial firm on April 21 that the agency had authorized the filing of an enforcement action alleging breaches of federal securities laws and Municipal Securities Rulemaking Board rules stemming from certain transactions with Jefferson County, Ala., in 2002 and 2003, JPMorgan announced Thursday in a quarterly regulatory filing.

JPMorgan had...
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