JPMorgan Chase Pays More Than $700 Million to Settle SEC Charges on Municipal Bond Payment Scheme (JPM)

Wed. November 04, 2009; Posted: 01:01 PM

Nov 04, 2009 (SmarTrend(R) News Watch via COMTEX) -- JPM | Quote | Chart | News | PowerRating -- 11/3/2009 - JPMorgan Chase & Co (NYSE:JPM) will pay more than $700 Million in order to settle SEC allegations that the bank unlawfully paid friends of public officials to win municipal bond contracts in Jefferson County, Alabama, according to an AP report. The county is dealing with $3.9 billion of debt and was pushed to the brink of bankruptcy as JPMorgan claimed more than $647 million in termination fees on swaps. JPMorgan will pay a civil penalty of $25 million, pay $50 million to the county, and forfeit the $647 million that it said was owed by the county. It will not have to admit to or deny the SEC's allegations.

Write to Chip Brian at cbrian@tradethetrend.com

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