ADVFN - Advanced Financial Network.
HOME» NYSE » G » GE Stock Price » GE Stock News

Gen Electric Share News

 General Electric Stock Price
GE Stock Price
 General Electric Stock Chart
GE Stock Chart
 General Electric Stock News
GE Stock News
 General Electric Company Information
GE Company Information
 General Electric Stock Trades
GE Stock Trades

JP Morgan Agrees to Pay $44 Million to Settle Muni Bid-Rigging Suit

By Mike Cherney J.P. Morgan Securities has agreed to pay up to $44.6 million to resolve claims from municipalities that it conspired to fix prices and rig bids for municipal derivatives, becoming the latest bank to settle the class-action civil suit. U.S. District Judge Victor Marrero in New York approved the settlement terms late Monday. He scheduled a hearing on Dec. 14 to consider final approval. The city of Baltimore, the Mississippi Department of Transportation and five other public entities sued a group of banks on behalf of other cities, universities and special districts, accusing the banks of rigging bids to provide services to municipalities. Morgan Stanley and Wachovia Bank previously settled, court documents said. The civil suit is in addition to charges levied against J.P. Morgan by the U.S. Securities and Exchange Commission and other federal and state authorities. UBS Financial Services, Banc of America Securities, GE Funding Capital Market Services, Wachovia and J.P. Morgan, have agreed to settle those charges for more than $700 million in total, according to the SEC. "It shows that it is possible to have a dual resolution where state and private recoveries are complementary," said Michael Hausfeld, co-lead attorney for the municipalities. The allegations involve bidding and pricing for various investment products, which municipalities use to reinvest proceeds from municipal-bond sales that are not immediately needed, according to the SEC. Proceeds of tax-exempt municipal bonds must be invested at fair market value, and the most common way to do so is through a competitive bidding process. According to the SEC, J.P. Morgan at times won bids because it obtained information from the bidding agents about competing bids. Other times, the bidding agent deliberately obtained non-winning bids from other providers, allowing the bank to essentially win in advance. The municipalities alleged they received lower interest rates than they would have received otherwise. "Anytime that you have collusion in the financial markets, it means that purchasers or investors are going to be cheated," Hausfeld said. Other banks have not yet settled the class-action case, Hausfeld said. A representative for J.P. Morgan declined to comment. -Write to Mike Cherney at

Stock News for Gen Electric (GE)
05/30/201509:21:0210 American Companies That Pull in the Most Cash
05/29/201510:30:06Wells Fargo Open to Financing Other GE Deals
05/29/201510:19:40Wells Fargo's Stumpf Says Bank May Finance Other GE Deals
05/29/201508:00:00GE Breaks Ground on New York Solar Installation for President...
05/28/201516:16:17Securities Registration (section 12(b)) (8-a12b)
05/28/201516:07:04Current Report Filing (8-k)
05/28/201508:56:00GE and EDF Celebrate Production of First 9HA Unit, the Worldâs L...
05/28/201508:08:19French Economy Minister: State Will Likely Use Option to Buy...
05/27/201519:42:54Bids Fly as GE Unit Auction Nears an End -- 2nd Update
05/27/201516:14:38Current Report Filing (8-k)
05/27/201514:30:15Auction of GE's Private-Equity Loan Business Nears Conclusion
05/27/201513:20:46Auction of GE's Private-Equity Loan Business Nears End -- Update
05/27/201509:00:00Convergent Energy + Power to Install GE Energy Storage System...
05/27/201508:00:00GE Capital Provides $48.5 Million Financing for Acquisition of...
05/26/201523:08:07Firms Send More Cash Back To Shareholders
05/26/201510:30:00GE Capital Loans $25 Million to Nobilis Healthcare
05/25/201522:50:15Boeing Helps Export-Import Bank Fight for Survival
05/25/201515:50:05The Solution to Iran's Aggressive Persian Gulf Policy
05/25/201515:45:08The Solution to Iran's Aggressive Persian Gulf Policy
05/25/201515:40:04The Solution to Iran's Aggressive Persian Gulf Policy

Gen Electric and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations