Two high-profile local governmental entities in Florida last week agreed to accept settlements as part of the $65.5 million multi-state agreement over JPMorgan's alleged bid-rigging actions with regard to derivatives.
The Orlando-Orange County Expressway Authority accepted $239,616 from the settlement, and to provide a release precluding the agency from filing a separate lawsuit over similar claims.
Miami-Dade County commissioners also agreed to accept $147,714, but only after staff consults with the county's swap advisor and determines if the pact satisfies the "potential recoverable harm" the county suffered, documents indicated.
In 2011, JPMorgan agreed to pay $228 million to settle criminal and civil charges with federal and state regulators involving municipal bid-rigging and fraud.
As part of the settlement, the firm agreed to pay $92 million to states' attorneys general - $65.5 million of which would be deposited into a multi-state restitution fund for issuers and borrowers - $51.2 million to the Securities and Exchange Commission, $50 million to the Internal Revenue Service and $35 million to the Office of the Comptroller of the Currency.
