Morrisey announces $400,000 settlement from JPMorgan Chase & Co. - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Morrisey announces $400,000 settlement from JPMorgan Chase & Co.

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • UPDATE: All Northbound lanes open on I-77 at East River Mountain Tunnel

    UPDATE: All Northbound lanes open on I-77 at East River Mountain Tunnel

    Saturday, July 26 2014 6:42 PM EDT2014-07-26 22:42:00 GMT
    All northbound lanes are back open after a tractor trailer that caught fire inside the East River Mountain Tunnel on Friday. It happened in the northbound lanes of the tunnel that divides Mercer and Bland around 2:00 Friday afternoon.
    All northbound lanes are back open after a tractor trailer that caught fire inside the East River Mountain Tunnel on Friday. It happened in the northbound lanes of the tunnel that divides Mercer and Bland around 2:00 Friday afternoon.
  • Sistersville Woman Crowned Mrs. West Virginia, Will Compete for National Title

    Sistersville Woman Crowned Mrs. West Virginia, Will Compete for National Title

    Tuesday, July 15 2014 4:17 AM EDT2014-07-15 08:17:38 GMT
    A Sistersville mother, wife, and soon-to-be teacher, holds another very impressive title as she gets ready to take on the competition on a national stage.Mrs. West Virginia, Melissa Smith, will compete for the title of "Mrs.United States," in September. Smith travels throughout the state right now helping to push her platform. "Right now, I'm very focused on improving literacy education. I'm going to be an elementary school teacher and I have been traveling throughout West Virginia reading to...
    A Sistersville mother, wife, and soon-to-be teacher, holds another very impressive title as she gets ready to take on the competition on a national stage.Mrs. West Virginia, Melissa Smith, will compete for the title of "Mrs.United States," in September. Smith travels throughout the state right now helping to push her platform. "Right now, I'm very focused on improving literacy education. I'm going to be an elementary school teacher and I have been traveling throughout West Virginia reading to...
  • Federal judge in Martinsburg, West Virginia, sends 10 to prison for violating probation

    Federal judge in Martinsburg, West Virginia, sends 10 to prison for violating probation

    Sunday, July 6 2014 11:00 AM EDT2014-07-06 15:00:12 GMT
    Nine Martinsburg, West Virginia, residents and another from Keyser were sentenced to federal prison for breaking the law while they were on supervised release or probation.
    Nine Martinsburg, West Virginia, residents and another from Keyser were sentenced to federal prison for breaking the law while they were on supervised release or probation.

JPMorgan Chase & Co. will pay $400,000 to settle an antitrust complaint filed by the attorney general's office.

JPMorgan was one of 22 banks and financial companies sued for allegedly rigging bids, fixing prices and manipulating the market for municipal derivatives, violations of the Sherman Antitrust Act and the West Virginia Antitrust Act. The company denies any wrongdoing, despite the decision to settle.

“We are pleased our Office could reach this settlement,” Attorney General Patrick 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. The office settled with Royal Bank of Canada 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 state agencies that invested in municipal derivatives, including 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.