JPMorgan Chase logo is displayed outside the company chase Tower office building is 15, 2009 in Chicago, Illinois.The settlement on July the largest so far in the ongoing probe by the DoJ JPMorgan have the investigation concentrated itself on a small group of employees, no longer are rigging, with the FirmJPMorgan not for offer provided that it meets tracked his obligation in the terms of the agreement
JPMorgan Chase has agreed, 228 million $ pay claims by State and federal officials, that it communities made more for the management of their bond issue revenue figures of rigging tenders for business, according to the U.S. Department of justice brought to rules.
The settlement is the largest so far in the ongoing probe by the DoJ and various other State and federal authorities. Bank of America agreed in the December of 137 million $ to pay similar claims, followed by UBS, which agreed to pay $160 m in May to rules.
In addition to the banks, 18 people have calculated including James Hertz, a former employee of JPMorgan. Nine of the 18 guilty, including Mr Hertz, have pleaded, the DoJ said.
JPMorgan said agreed to pay $ 211. 2 m, the a $17 m loans to the Securities and Exchange Commission and the Office of the Comptroller of the currency net. The money will be divided among the 24 Prosecutors General-including Connecticut, New York, Illinois and Texas-the internal revenue service, SEC and prices
The majority of the settlement or over $ 129. 7 m, go to municipalities and other tax-exempt issuers, JPMorgan said.
Recognized in the framework of the agreement with the DoJ JPMorgan and assumed responsibility for illegal and anti-competitive behaviour by former employees that have occurred before 2006. The Bank set its municipal derivatives desk in 2008.
The DoJ agreed not to JPMorgan track for offering rigging, provided that it meets its obligation under the agreement, including continuous cooperation with the DoJ investigation, that is handled by the Competition Directorate.
JPMorgan, said the investigation focused himself on a small group of employees, which concealed their behaviour of management and are no longer with the company. The Bank said she had his antitrust and ethics training since monitoring increased and strengthened.
JPMorgan also said that the settlement amount was not expected, all have significant influence on the result.
If communities raise money by selling bonds, reinvest the proceeds generally until they are used for their intended purpose, which could range from the construction of new toll roads and bridges, and airports.
Under IRS rules, so that the proceeds must keep their tax-exempt status to the fair market value are reinvested. The most common type is the fair market value creation through a public tender process.
The SEC complaint claims that JPMorgan undermine public tender process in at least 93 municipal reinvestment bond transactions in 31 States. In some cases JPMorgan won visited, as it details of the tendering agent about competing offers a practice that known retrieved when "last looks", said the SEC. At other times, the SEC said the Bank won bids in advance set up, because the bidding agent intentionally obtained provides sub par of other bidders by using the "set ups".
The Connecticut housing finance authority, Fairfield University, Fairfield, Stratford and Weston, Yale University and the South Central Connecticut of regional water authority is expected to include restitution this issuer.
JPMorgan Chase has agreed, 228 million $ pay claims by State and federal officials, that it communities made more for the management of their bond issue revenue figures of rigging tenders for business, according to the U.S. Department of justice brought to rules.
The settlement is the largest so far in the ongoing probe by the DoJ and various other State and federal authorities. Bank of America agreed in the December of 137 million $ to pay similar claims, followed by UBS, which agreed to pay $160 m in May to rules.
In addition to the banks, 18 people have calculated including James Hertz, a former employee of JPMorgan. Nine of the 18 guilty, including Mr Hertz, have pleaded, the DoJ said.
JPMorgan said agreed to pay $ 211. 2 m, the a $17 m loans to the Securities and Exchange Commission and the Office of the Comptroller of the currency net. The money will be divided among the 24 Prosecutors General-including Connecticut, New York, Illinois and Texas-the internal revenue service, SEC and prices
The majority of the settlement or over $ 129. 7 m, go to municipalities and other tax-exempt issuers, JPMorgan said.
Recognized in the framework of the agreement with the DoJ JPMorgan and assumed responsibility for illegal and anti-competitive behaviour by former employees that have occurred before 2006. The Bank set its municipal derivatives desk in 2008.
The DoJ agreed not to JPMorgan track for offering rigging, provided that it meets its obligation under the agreement, including continuous cooperation with the DoJ investigation, that is handled by the Competition Directorate.
JPMorgan, said the investigation focused himself on a small group of employees, which concealed their behaviour of management and are no longer with the company. The Bank said she had his antitrust and ethics training since monitoring increased and strengthened.
JPMorgan also said that the settlement amount was not expected, all have significant influence on the result.
If communities raise money by selling bonds, reinvest the proceeds generally until they are used for their intended purpose, which could range from the construction of new toll roads and bridges, and airports.
Under IRS rules, so that the proceeds must keep their tax-exempt status to the fair market value are reinvested. The most common type is the fair market value creation through a public tender process.
The SEC complaint claims that JPMorgan undermine public tender process in at least 93 municipal reinvestment bond transactions in 31 States. In some cases JPMorgan won visited, as it details of the tendering agent about competing offers a practice that known retrieved when "last looks", said the SEC. At other times, the SEC said the Bank won bids in advance set up, because the bidding agent intentionally obtained provides sub par of other bidders by using the "set ups".
The Connecticut housing finance authority, Fairfield University, Fairfield, Stratford and Weston, Yale University and the South Central Connecticut of regional water authority is expected to include restitution this issuer.