JPMorgan to pay $228 million to settle muni market case

07/07/2011 - 15:53

WASHINGTON (Reuters) - JPMorgan Chase & Co has agreed to pay $228 million to resolve allegations that some of its employees engaged in anticompetitive activity in the municipal bond investment market, the U.S. Justice Department said on Thursday.

The company admitted in a non-prosecution agreement with the federal government that some of its former employees engaged in illegal activity to manipulate the bidding process and rig bids on municipal investment and related contracts, the Justice Department said.

(Reporting by Jeremy Pelofsky, Editing by Chizu Nomiyama)