JPMorgan (JPM) Settles SEC Allegations of Fraudulent Bidding Practices; Will Pay $228M
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JPMorgan (NYSE: JPM) has agreed to pay a total of $228 million in order to settle allegations brought on by the SEC and several other organizations which claimed "fraudulent bidding practices."
JPMorgan allegedly rigged at least 93 muni bond reinvestment deals in some 31 states across the US.
The firm has admitted to anticompetitive conduct by ex-employees, but also iterated that it "does not tolerate anticompetitive activity." JPMorgan said the transactions in question stemmed from a "small desk that was discontinued."
The stock does not seem to responding to the settlement. JPMorgan shares remain well into positive territory heading into the afternoon session, now up 2.1 percent to $41.41.
JPMorgan allegedly rigged at least 93 muni bond reinvestment deals in some 31 states across the US.
The firm has admitted to anticompetitive conduct by ex-employees, but also iterated that it "does not tolerate anticompetitive activity." JPMorgan said the transactions in question stemmed from a "small desk that was discontinued."
The stock does not seem to responding to the settlement. JPMorgan shares remain well into positive territory heading into the afternoon session, now up 2.1 percent to $41.41.
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