JPMorgan Settles Ala. Muni Bond Claims for $700M

Law360, New York (November 4, 2009, 3:37 PM EST) -- JPMorgan Chase & Co. has agreed to pay more than $720 million to put to rest claims by the U.S. Securities and Exchange Commission of improper payments intended to procure business involving municipal bond offerings and swap agreement transactions in Jefferson County, Ala.

The SEC claims that JPMorgan and two former managing directors paid more than $8.2 million to local Alabama firms and broker-dealers with ties to Jefferson County public officials, looking to win $5 billion in county bond underwriting and interest rate swap agreements....
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