JPMorgan Chase agrees to pay $228 million for fraudulent bidding on municipal bonds

[JURIST] JPMorgan Chase & Co [corporate website] agreed to a $228 million settlement [press release] with the US Department of Justice (DOJ) [official website] over charges that it used fraudulent bidding practices for state and local government investment securities at taxpayers’ expense. As part of the nonprosecution agreement, JPMorgan admits to and takes responsibility for its former employees engaging in anticompetitive practices to rig bidding for municipal securities that involved the investment of proceeds from municipal bonds. JPMorgan agreed to…