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Jul 7, 2011 4:06 PM by Gene Cotton

Colo. will share in $92M JPMorgan Chase settlement

DENVER (AP) - Colorado will share in part of a $92 million multistate settlement with a unit of JPMorgan Chase over charges that it rigged bidding competitions.

Mike Saccone, a spokesman for Colorado Attorney General John Suthers, said Thursday that some Colorado cities and non-profit organizations are involved and officials are working to identify them.

The $92 million package is part of an overall $228 million civil settlement with J.P. Morgan Securities.

The Justice Department and Securities and Exchange Commission said it made 93 secret deals with companies that handled bidding processes in 31 states, allowing the bank to peek at offers from competitors.

The company admitted the illegal conduct, blaming employees of a division that has since been shut down.

 

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