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Violation Tracker Individual Record

Company: JPMorgan Chase & Co.
Current Parent Company: JPMorgan Chase
Penalty: $228,000,000
Year: 2011
Date: July 7, 2011
Offense Group: competition-related offenses
Primary Offense: price-fixing or anti-competitive practices
Mega-Scandal: Price Fixing
Violation Description: JPMorgan Chase & Co. entered into an agreement with the Department of Justice to resolve the company's role in anticompetitive activity in the municipal bond investments market and has agreed to pay a total of $228 million in restitution, penalties and disgorgement to federal and state agencies. As part of its agreement with the department, JPMorgan admits, acknowledges and accepts responsibility for illegal, anticompetitive conduct by its former employees. According to the non-prosecution agreement, from 2001 through 2006, certain former JPMorgan employees at its municipal derivatives desk, entered into unlawful agreements to manipulate the bidding process and rig bids on municipal investment and related contracts. These contracts were used to invest the proceeds of, or manage the risks associated with, bond issuances by municipalities and other public entities.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Antitrust Division
Civil or Criminal Case: civil and criminal
Prosecution Agreement: non-prosecution agreement
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.