Morrisey announces $400,000 settlement from JPMorgan Chase & Co. - Beckley, Bluefield & Lewisburg News, Weather, Sports

Morrisey announces $400,000 settlement from JPMorgan Chase & Co.

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JPMorgan Chase & Co. will pay $400,000 to settle an antitrust complaint filed by the attorney general's office.

JPMorgan was one of 22 banks and financial companies sued for allegedly rigging bids, fixing prices and manipulating the market for municipal derivatives, violations of the Sherman Antitrust Act and the West Virginia Antitrust Act. The company denies any wrongdoing, despite the decision to settle.

“We are pleased our Office could reach this settlement,” Attorney General Patrick Morrisey said. “Our office worked diligently on this case, including amending the complaint last year, and it is good to see the work pay off.”

The settlement closes all claims the Office of the Attorney General had against JPMorgan. The office settled with Royal Bank of Canada and Bank of America last year, and Morgan Stanley earlier this year.

Lawsuits against the remaining banks are ongoing.

The majority of the money from the settlement, minus attorney fees and costs, will go to state agencies that invested in municipal derivatives, including the West Virginia Hospital Finance Authority, the West Virginia Department of Highways, the West Virginia Water Development Authority, the City of Charleston Sanitary Board, and the West Virginia Housing Development Fund.

The Attorney General’s Office Antitrust Fund will receive approximately $60,000.