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Jp Morgan Agrees Further Fraud Settlement

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JP Morgan Chase is to pay $228m (£143m) to settle claims it rigged auctions, its second fraud payout in a month.

The deal was reached with regulators, tax authorities and 25 US states, who accused it of fixing bids for state and municipal contracts on 93 occasions. It comes after the bank agreed a $154m payout to settle charges of misleading buyers of its mortgage investments.

The US lender was accused of paying to have a sneak preview of rival bids to win contracts to invest cash on behalf of local and state governments, including those of California, Texas and New Jersey.

The department has brought criminal charges against 18 of the bank's former executives - of whom nine have pleaded guilty.

But the bank itself had only faced civil charges after it agreed to co-operate.

It comes after Bank of America and Switzerland's UBS also separately settled similar charges against them in the US, for $137m and $160m respectively.

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We fix the price of gold and silver to make them valuable or not. - J.P. Morgan, in a letter to his son.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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