On 6 July 2011 and 4 May 2011 respectively, JPMorgan Chase and UBS AG reached a settlement with the US DOJ and other regulatory agencies in relation to anti-competitive conduct by their former employees. JPMorgan Chase and UBS AG admitted that their employees had entered into illegal agreements to rig bids on municipal investment contracts (used to invest the proceeds of public bonds). This amounted to a violation of the Sherman Act. Under the settlement, JPMorgan Chase and UBS AG are to pay US$ 228 million and US$ 160 respectively in penalties, restitution to victims, and disgorgement of profits to various state and federal agencies. As part of the settlement, JPMorgan Chase and UBS AG also agreed to cooperate and assist the DOJ in its investigations or any court proceedings for a two-year period.
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.Register
If you have any questions about the service please contact firstname.lastname@example.org or call Lexology Customer Services on +44 20 7234 0606.
JPMorgan and UBS AG chase settles with US Department of Justice (‘DOJ’) in bid-rigging for municipal investment contracts
- Rajah & Tann LLP
- Kala Anandarajah, Dr Robert Ian McEwin, Dominique Lombardi, Lim Yee Weng and Ajinkya M Tulpule
- August 1 2011
If you are interested in submitting an article to Lexology, please contact Andrew Teague at email@example.com.
“The Lexology newsfeed is very relevant to my practice and I like that you can tailor the newsfeed to include specific practice areas. I enjoy seeing a variety of approaches and I will read multiple articles on the...
“The Lexology newsfeed is very relevant to my practice and I like that you can tailor the newsfeed to include specific practice areas. I enjoy seeing a variety of approaches and I will read multiple articles on the same topic for the purpose of getting the fullest understanding of a new law, a court case or other legal development.”
Audrey E Mross
Labor & Employment Attorney
Munck Carter LLP