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.