JPMorgan Settles Bond Bid-Rigging Case for $211 Million
JPMorgan Chase reached a $211 million settlement with federal and state authorities on Thursday to resolve allegations that it cheated governments in 31 states by rigging the bidding process for reinvesting the proceeds of dozens of municipal bond transactions.
Without admitting or denying wrongdoing, the bank settled accusations that it had improperly entered secret agreements with bidding agents that gave it a “last look” at bids submitted by its competitors. The bank has agreed to return about $129.7 million to the municipalities that were harmed.