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W.Va. AG $400k settlement with JPMorgan Chase

West Virginia attorney general reaches $400k settlement in JPMorgan Chase case

Associated Press

CHARLESTON, W.Va. (AP) -- West Virginia's attorney general has reached a $400,000 settlement with JPMorgan Chase over allegations of antitrust law violations.

Attorney General Patrick Morrisey announced the deal Tuesday. JPMorgan Chase was one of 22 banks and financial companies sued in 2009 by previous Attorney General Darrell McGraw.

The lawsuits claimed the institutions illegally rigged bids, fixed prices and manipulated the market for municipal derivatives.

The settlement closes claims against JPMorgan.

JPMorgan denied allegations at the time of the lawsuit and denied wrongdoing in the settlement.

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The attorney general already reached deals with Royal Bank of Canada, Bank of America and Morgan Stanley. Lawsuits against the other banks are ongoing.

Most money from the settlement, except for attorney fees and costs, will go to state agencies that invested in municipal derivatives.