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

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