State will share in JPMorgan Chase settlement
CHARLESTON, W.Va. -- The U.S. Securities and Exchange Commission says the West Virginia Hospital Finance Authority will receive about $500,000 as part of a civil settlement with JPMorgan Chase & Co.
JPMorgan Chase has agreed to pay $211 million after admitting one of its divisions rigged dozens of bidding competitions to win business from state and local governments.
J.P. Morgan Securities LLC made at least 93 secret deals with companies that handled the bidding processes in 31 states. According to the Justice Department and SEC, those deals allowed the bank to peek at competitors' offers.