JPMorgan Chase will pay $75m and forfeit claims on nearly $650m in termination fees to settle US allegations that the bank and two former employees paid friends of officials to win municipal financing business in Alabama. Civil charges filed by the SEC allege that JPMorgan managing directors Charles LeCroy and Douglas MacFaddin made more than $8m in payments to friends of officials in Jefferson County, Alabama, to help the bank gain an underwriter assignment on a $1.4bn county bond.

This entry was posted by Gwen Robinson on Thursday, November 5th, 2009 at 4:44 and is filed under Capital markets. Tagged with jpmorgan. Edit this entry.