BRADENTON, Fla. — Florida Attorney General Bill McCollum Wednesday announced a $25 million settlement with JPMorgan to resolve allegations that the investment bank improperly sold unregistered securities to the local government investment pool.

Some $23 million will be distributed to the participants in the former LGIP to reimburse local governmental entities that saw the value of asset-backed investments decline in August 2007. The remaining $2 million will reimburse the costs of the investigation and pay an administrative fine.

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