JPMorgan Chase has reportedly settled with West Virginia over allegations the bank manipulated the municipal derivatives market in violation of antitrust law.
According to reports, West Virginia Attorney General Patrick Morrisey announced the settlement Tuesday; JPMorgan will pay a reported $400,000 to settle the case, which is now considered closed.
The matter was launched by former West Virginia AG Darrell McGraw in 2009, who sued 22 banks, one of which was JPMorgan, on allegations they rigging bids and manipulated prices in the municipal derivatives market. JPMorgan denied the allegations.
The state had previously reached settlements with Royal Bank of Canada, Morgan Stanley and Bank of America, while lawsuits regarding other lenders continue.
Full content: Businessweek
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