According to the seattlepi blog, JPMorgan Chase & Co. has agreed to resolve allegations that the company engaged in illegal and anti-competitive practices related to municipal bond derivative transactions.
…The case against JPMC involves the market for municipal bonds, which governments and non-profits often sell in to finance capital projects such as roads, schools, and mass transit projects. The proceeds usually are re-invested until the money is needed to pay for a phase of the project...
The allegations against JPMorgan Chase charged that the company and other financial institutions and certain brokers rigged bids, provided false certifications and made misrepresentations on municipal bond derivative transactions, and negotiated interest rate risk management products, the Oregon Department of Justice said in a statement. As a result of such alleged conduct, competition was reduced and government and not-for-profit entities received less advantageous terms…
Find out the rest at . http://blog.seattlepi.com/boomerconsumer/2011/07/08/jpmorgan-chase-to-pay-92-million-to-settle-anticompetitive-charges/
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