Antitrust Law Daily Wrap Up, ANTITRUST NEWS: JPMorgan Chase reaches $400,000 settlement with West Virginia Attorney General’s Office, (Jun 4, 2014)
Organizations Mentioned:JPMorgan Chase | JPMorgan Chase & Co.
By Greg Hammond, J.D.
West Virginia Attorney General Patrick Morrisey has announced that his office has reached a $400,000 settlement with JPMorgan Chase & Co. over allegations the company violated federal and state antitrust law by rigging bids, fixing prices, and manipulating the market for municipal derivatives transactions. JPMorgan denied the allegations.
“We are pleased our Office could reach this settlement with JPMorgan Chase & Co.,” stated Attorney General Morrisey. “Our Office worked diligently on this case, including amending the complaint last year, and it is good to see the work pay off.”
According to the settlement agreement, West Virginia’s Attorney General will release all of its claims against JPMorgan. Attorney General Morrisey noted that JPMorgan was only one of 22 banks and financial companies that were sued by his office for antitrust violations. Although settlements were reached with Royal Bank of Canada, Bank of America, Morgan Stanley, and now JPMorgan, most of the 22 lawsuits are still ongoing.
Morrisey’s office also noted that most of the $400,000 settlement will be given to agencies in numerous states that invested in municipal derivatives, including the City of Charleston Sanitary Board, the West Virginia Department of Highways, the West Virginia Hospital Finance Authority, the West Virginia Water Development Authority, and the West Virginia Housing Development Fund. However, attorney fees and costs will be subtracted from the settlement amount, as well as $60,000, which will be given to the Attorney General’s Office Antitrust Fund.
Companies: JPMorgan Chase & Co.
News: Antitrust WestVirginiaNews