- Posted July 13, 2011
- Tweet This | Share on Facebook
Detroit and college getting $1.9 million from JPMorgan
DETROIT (AP) -- The Securities and Exchange Commission says Detroit and Wayne County Community College will share about $1.9 million from JPMorgan as part of a $221 million settlement of a bid-rigging deal.
The SEC said in an email message Monday to The Associated Press that Detroit is getting $1,623,000, while the college is getting $249,000 in the civil settlement with JPMorgan Chase & Co.
JPMorgan Chase has agreed to pay the money after admitting one of its divisions rigged dozens of bidding competitions to win business from state and local governments.
J.P. Morgan Securities LLC made at least 93 secret deals with companies that handled the bidding processes in 31 states. According to the Justice Department and SEC, those deals allowed the bank to peek at competitors' offers.
Published: Wed, Jul 13, 2011
headlines Oakland County
- Annual Dinner & Meeting
- FORCE Team arrests six in prolific auto theft ring
- Michigan allocates $12 million to support community-based organizations in advancing environmental and climate justice
- Oakland County and SMART launch pilot program providing free transit for veterans and dependents
- Supreme Court sides with the Consumer Financial Protection Bureau
headlines National
- More lawyers—and clients—want to learn about sustainable development practices
- Top artificial intelligence insurance tips for lawyers
- Lawyer charged with illegally transmitting Michigan data after 2020 election
- Viral video shows former Rikers Island inmate as she learns she passed bar exam on first try
- How Sullivan & Cromwell is scrutinizing potential new hires after campus protests
- No separate hearing required when police seize cars loaned to drivers accused of drug crimes, SCOTUS rules