JPMorgan To Pay $211M In Muni Bond Bid-Rigging Deal

Law360, New York (July 7, 2011, 1:12 PM EDT) -- JPMorgan Chase & Co. on Thursday agreed to pay $211 million to settle federal and state allegations that former employees on a subsidiary's municipal derivatives desk rigged bids on municipal bond reinvestment contracts.

J.P. Morgan Securities LLC's settlement with the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the Internal Revenue Service and 25 state attorneys general is the latest in an ongoing probe of bid-rigging in the municipal bonds sector. JPMorgan Chase acknowledged that employees on its municipal reinvestment desk rigged bids on...
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