New York Attorney General Eric Schniederman on Thursday said JPMorgan Chase had reached a settlement with New York and 24 other states over anti-competitive conduct in municipal bond derivatives.
JPMorgan will pay $92 million as part of a coordinated federal and state enforcement agency settlement, Schneiderman said. JPMorgan will pay $65.5 million into a multi-state restitution fund for the governments and nonprofits that signed municipal derivative contracts with the bank from 2001 to 2005.
This fraudulent conduct completely manipulated the playing field and left public entities like governments and nonprofits at a serious disadvantage, the Democratic attorney general said in a statement.
(Reporting by Joan Gralla, Editing by Chizu Nomiyama)