JPMorgan Chase has agreed to pay $228m to settle allegations brought by state and federal officials that it made municipalities pay more for management of their bond issuance proceeds by rigging the tender process for the business, according to the Department of Justice.
The settlement is the largest to date in the ongoing probe by the DoJ and various other state and federal agencies. In December, Bank of America agreed to pay $137m to settle similar claims, followed in May by UBS, which agreed to pay $160m.
In addition to the banks, 18 individuals have been charged, including James Hertz, a former JPMorgan employee. Nine of the 18 have pleaded guilty, including Mr Hertz, the DoJ said.
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