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AG announces $950k settlement with 3 financial groups

By The Associated Press

CHARLESTON, W.Va. – West Virginia’s attorney general has reached a $950,000 settlement with three companies over allegations of antitrust law violations.

Attorney General Patrick Morrisey announced the deal Monday. GE Funding Capital Market Services, Trinity Plus Funding Co., and Trinity Funding Co. were among 22 financial companies sued in 2009 by previous Attorney General Darrell McGraw.

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

The settlement closes claims against the three companies.

The companies denied allegations at the lawsuit’s filing and denied wrongdoing in the settlement.

The attorney general already reached deals with JPMorgan, Royal Bank of Canada, Bank of America and Morgan Stanley. Other lawsuits continue.

Most settlement money, except for attorney fees and costs, will benefit state agencies that invested in municipal derivatives.


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