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Wednesday, November 04, 2009
J.P. Morgan Pays $700 Million To Settle With SEC
By Ronald D. Orol
MarketWatch Pulse
WASHINGTON - J.P. Morgan Chase & Co. agreed to pay more than $700 million to settle with the Securities and Exchange Commission over charges that two of the institution's former management directors engaged in an unlawful payment scheme that enabled them to win business involving municipal bond offerings in Jefferson County, Ala.. J.P. Morgan Securities settled the SEC's charges and agreed to pay a penalty of $25 million, make a payment of $50 million to Jefferson County, and forfeit more than $647 million in claimed termination fees.
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