- Posted December 27, 2011
- Tweet This | Share on Facebook
GE Funding to pay $70M to resolve complaint
WASHINGTON (AP) -- Part of the finance arm of General Electric Co. will pay $70 million to resolve complaints about the company's role in anticompetitive activity in the municipal bond investments market.
The Justice Department last Friday announced that GE Funding Capital Market Services Inc. also acknowledged illegal, anticompetitive conduct by its former traders.
The company acknowledged that from 1999 through 2004, certain former GE Funding traders manipulated the bidding process on municipal investment and related contracts. Those contracts were used to invest the proceeds of, or manage the risks associated with, bond issuances by municipalities and other public entities.
GE Funding will pay restitution and promised to cooperate fully with the Justice Department's Antitrust Division in its ongoing investigation into anticompetitive conduct in the municipal bond derivatives industry.
Published: Tue, Dec 27, 2011
headlines Oakland County
- Associations gather for Spring Fling
- Nessel announces airline passenger protection partnership with U.S. Department of Transportation
- American Bar Association to release Civic Literacy Survey 2024 findings on April 23
- Former State House speaker charged with 13 felonies, conducting a criminal enterprise
- SUPREME COURT NOTEBOOK
headlines National
- Incarceration series includes female inmates but doesn’t tell full story
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Former DOJ official who alleged election fraud violated at least one ethics rule, ethics committee says
- Winston & Strawn will provide reduced-cost legal services for routine tasks under Winston Legal Solutions umbrella
- Should Justice Sotomayor retire? Chemerinsky, White House haven’t joined calls for her to step down
- Which BigLaw firms are increasing lateral associate hiring the most? One made legal headlines last year