JPMorgan (JPM) Muni Bid-Rigging Settlement Approved

June 5, 2012 5:20 PM EDT
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JPMorgan's (NYSE: JPM) was granted permission by the U.S. District court in Manhattan to settle private litigation regarding "bid-rigging" in muni bonds.

Under the settlement, JPMorgan will pay $44.6 million in addition to the $211 million it paid last July. Bank of America Corp (NYSE: BAC) and UBS AG (NYSE: UBS) previously reached $137 million and $160.2 million settlements after government officials accused the banks of conspiring to fix prices and rig bids on municipal bond transactions. Morgan Stanley (NYSE: MS) and Wells Fargo & Co (NYSE: WFC) settled similar cases.

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