WASHINGTON — JPMorgan Chase & Co. has agreed to pay $228 million to settle criminal and civil charges stemming from former employees' fraudulent bid-rigging of at least 141 municipal bond-related reinvestment contracts involving state and local issuers and conduit borrowers in at least 31 states over eight years.

The amount actually will involve a net payout of only $211.2 million from the company because states agreed to credit it for $17 million of payments to two agencies. It includes $129.7 million in restitution to state and local issuers, nonprofits, and corporate borrowers that purchased the contracts, according to federal agencies.

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