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JPMorgan to pay $35 million in muni bid-rigging case

July 07, 2011

JPMorgan Chase was ordered to pay more than $35 million to settle allegations that employees participated in a bid-rigging scheme for derivatives sold to municipalities and non-profit organizations.

The Office of the Comptroller of the Currency said JPMorgan employees engaged in the scheme beginning in at least 1999 though 2005, submitting false or sham courtesy bids and communicating with direct competitors to fix prices.

The OCC said the enforcement action is part of a global resolution with the U.S. Department of Justice, Internal Revenue Service, Securities and Exchange Commission, Federal Reserve Board, and about 25 state attorneys general.

(Reporting by Karey Wutkowski; Editing by Derek Caney)

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