JPMorgan Chase agrees record $211.2m settlement

JPMorgan Chase reached a record $211.2m settlement late on Thursday with federal and state regulators on charges it manipulated a bidding process to gain from municipalities.

The agreed settlement by the bank's Wall Street division with 25 states and various federal regulators will see the bank paying, among others, the , the Justice Department and the Office of the Controller of the Currency.

Under the terms of the settlements, JPMorgan Chase will pay the net amount of $211.2m as follows: $50m to the IRS, $51.2m to the SEC, $35m to the OCC, and $75m to the State Attorney General.

According to the company, of those funds, $129.7m will be eligible for distribution to municipalities and other tax-exempt issuers. The settlement is not expected to have any material impact on the firm's earnings.

Print Friendly, PDF & Email
No tags for this post.

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *