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JPMorgan's former managing directors Charles LeCroy and Douglas MacFaddin were accused by the Securities and Exchange Commission of paying more than USD8m to people close to officials in Jefferson County, Alabama, to help the bank become underwriter on a USD1.4bn county bond.
The bankers then passed on the cost of the payments by setting higher interest rates on the swap transactions of the county, according to SEC's civil charges.
JPMorgan neither admitted nor denied SEC's charges, but agreed to pay USD50m to the Jefferson County in a bid to help dismissed workers, as well as USD25m in compensations to affected investors.
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