JPMorgan to pay $228 million in muni case

JPMorgan Chase will pay $228 million in a setttlement of charges that the bank's securities division rigged the market for municipal bond derivatives, state and federal regulators announced Thursday.

The Securities and Exchange Commission and state attorneys general accused the company's JPMorgan Securities unit of anti-competitive and fraudulent conduct in reinvestment transactions linked to municipal bonds.

According to the SEC, JPMorgan Securities reaped millions of dollars in ill-gotten gains by manipulating the bidding process for securities that state and local governments use to reinvest proceeds from the sale of municipal bonds.

The SEC alleges that JPMorgan Securities (JPMS) entered into "secret agreements" with bidding agents to obtain information on rival bids, a practice known as "last looks."

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- Posted: 2011-07-07 14:44:23

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