Posts tagged: JP Morgan Chase & Co.
Idaho is one of 23 states that will share in a multimillion-dollar national settlement with JP Morgan Chase & Co. over bid-rigging deals on public bond offerings. The Associated Press reports that J.P. Morgan Securities LLC made at least 93 secret deals with companies that handled the bidding processes in 31 states, allowing the bank to peek at competitors' offers in trying to secure investment business from state and local governments to invest bond proceeds before the bond-funded projects were fully paid for; the Justice Department and Securities and Exchange Commission announced the deal today, under which the company will pay a total of $211 million, including $92 million to the 23 states and the District of Columbia.
Few Idaho entities were involved, according to the Idaho Attorney General's office; they'll be reimbursed for any losses; injunctive relief also will prevent such actions in the future. The other states are Alabama, California, Colorado, Connecticut, Florida, Illinois, Kansas, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Tennessee and Wisconsin. Click below for a full report from AP business writer Daniel Wagner in Washington, D.C.