News Story
JP Morgan Fined By SEC For Municipal Bond Violations
Wednesday November 04, 2009 15:24:29 EST
JP Morgan agreed to a settlement with the SEC over "pay-to-play" violations stemming from municpal debt offerings out of Jefferson County, Alabama. The SEC alleged that JP Morgan (JPM) made unlawful payments to the friends of county officials as means of winning new business with the county. In the settlement, the bank agreed to pay $25 million in civil penalties, make a $50 million payment to the county and cancel interest rate swaps that were worth $700 million as of last March.
In afternoon trading, shares of JP Morgan were trading close to flat, despite the penalties imposed by the SEC.
The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200911JPM110409&;mv=1.
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| Desc | Last | Change (%) |
| JPM | 42.46 | -0.09 (-0.21152%) |
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