JPMorgan Chase reached a record $211.2m settlement late on Thursday with federal and state regulators on charges it manipulated a bidding process to gain business from municipalities.
The agreed settlement by the bank’s Wall Street division with 25 states and various federal regulators will see the bank paying, among others, the SEC, the Justice Department and the Office of the Controller of the Currency.
Under the terms of the settlements, JPMorgan Chase will pay the net amount of $211.2m as follows: $50m to the IRS, $51.2m to the SEC, $35m to the OCC, and $75m to the State Attorney General.
According to the company, of those funds, $129.7m will be eligible for distribution to municipalities and other tax-exempt issuers. The settlement is not expected to have any material impact on the firm’s earnings.
