Florida Part of $92 Million Settlement with JP Morgan Chase Over Bid-Rigging

Submitted by Kevin Derby on July 7, 2011 - 2:12pm

Florida and 24 other states have reached a $92 million settlement with banking giant JP Morgan Chase over alleged fraudulent conduct involving bid-rigging and anticompetitive actions surrounding municipal bond derivatives, state Attorney General Pam Bondi announced Thursday.

A release from Bondi's office stated that Florida's take in the settlement is currently "undetermined."

Florida and other states have reached similar settlements with Bank of America and Union Bank of Switzerland in the past eight months.

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