AG's office announces $400K settlement in JPMorgan Chase case

CHARLESTON — Attorney General Patrick Morrisey's office has reached a $400,000 settlement with JPMorgan Chase & Co.

JPMorgan was one of 22 banks and financial companies sued by the Attorney General’s Office for allegedly violating the Sherman Antitrust Act and the West Virginia Antitrust Act by illegally rigging bids, fixing prices and manipulating the market for municipal derivatives. JPMorgan denied those allegations at the time of the lawsuit and denied that it did anything wrong in the settlement.

“We are pleased our Office could reach this settlement with JPMorgan Chase & Co.,” Morrisey said. “Our Office worked diligently on this case, including amending the complaint last year, and it is good to see the work pay off.”

The settlement closes all claims the Office of the Attorney General had against JPMorgan. This settlement joins other settlements the Office of the Attorney General reached with Royal Bank of Canada, or RBC, and Bank of America last year, and Morgan Stanley earlier this year.

Lawsuits against the remaining banks are ongoing.

The majority of the money from the settlement, minus attorney fees and costs, will go to several state agencies that invested in municipal derivatives: the West Virginia Hospital Finance Authority, the West Virginia Department of Highways, the West Virginia Water Development Authority, the City of Charleston Sanitary Board, and the West Virginia Housing Development Fund.

The Attorney General’s Office Antitrust Fund will receive approximately $60,000.