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 mike.cherney@dowjones.com

Stock News for Gen Electric (GE)
DateTimeHeadline
04/17/201417:12:38MARKET SNAPSHOT: S&P 500's Weekly Gain Is Best Since July 2013
04/17/201417:04:26Pentagon Official Criticizes Pratt & Whitney Over F-35 Costs
04/17/201413:58:36MARKET SNAPSHOT: U.S. Stocks Set For Weekly Gains
04/17/201410:16:19MARKET SNAPSHOT: U.S. Stocks Lower Amid Mixed Earnings
04/17/201409:54:14GE Posts Declines in Profit, Revenue--2nd Update
04/17/201407:20:23GE Posts Declines in Profit, Revenue
04/15/201408:52:57U.S. Stock Futures Rise
04/15/201406:50:58Alstom to Cut Up to 200 Jobs
04/14/201416:03:15Italy's New Premier Renzi Names State-Controlled Company Heads
04/13/201422:11:36Apollo's Momentive Performance Materials Makes Chapter 11 Bankruptcy...
04/13/201408:46:33MARKET SNAPSHOT: Google, Intel, IBM Outlooks To Trump Earnings...
04/04/201411:03:45GE Planning Hong Kong IPO for Aircraft Leasing Unit - Report
03/26/201413:52:53GE to Break Ground on Jet Engine Plant in Indiana This Year
03/26/201413:51:55GE to Break Ground on $100 Million Jet Engine Plant in Indiana...
03/24/201415:37:29Air France Chooses GE Engines for Its Boeing 787 Jets
03/20/201409:36:05Siemens Plans to Restructure - Reports
03/17/201421:03:22GE Hosted Activist Peltz At Leadership Meeting Last Summer
03/17/201419:20:50Greifeld 2013 Compensation Rises 55.3% -- Update
03/17/201417:41:09GE Consumer Finance Unit Faces Two Federal Probes
03/13/201413:55:08GE Files for IPO of North American Retail Finance Arm -- 2nd...

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

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad