Jul 12, 2011 6:13 AM by Lauren Wilson & AP
GRETNA, La. (AP) - Jefferson Parish is getting a share of a $211 million settlement reached by the Securities and Exchange Commission with JPMorgan Chase & Co.
The SEC had accused J.P. Morgan Securities of bid-rigging in connection with municipal bond reinvestment transactions.
According to the SEC, Jefferson Parish will get $446,000.
The SEC said J.P. Morgan Securities made at least 93 secret deals with companies that handled the bidding processes in 31 states. Those deals allowed the bank to peek at competitors' offers.
Banks help municipalities invest the money they raise from bond offerings so that they can earn interest before paying for projects. They compete by submitting to state and local governments the best yield they can offer.
The company has accepted responsibility.