DALLAS — JPMorgan Chase has agreed to pay Texas $3.2 million for failing to warn customers about the risks of auction-rate securities, among the largest fines since the ARS market collapsed in early 2008.

The settlement, the terms of which the firm agreed to in principle on Aug. 14, 2008, includes the ARS liabilities of Bear, Stearns & Co., which was acquired by JPMorgan that year.

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