Accessibility Help

British Broadcasting Corporation

BBC News Updated every minute of every day
News Front Page Africa Americas Asia-Pacific Europe Middle East South Asia UK Business Market Data Economy Companies Health Science & Environment Technology Entertainment Also in the news ----------------- Video and Audio ----------------- Programmes Have Your Say In Pictures Country Profiles Special Reports

Related BBC sites



Page last updated at 10:08 GMT, Thursday, 5 November 2009
E-mail this to a friend
Printable version

JP Morgan agrees $75m bribe fine



JP Morgan Chase offices JP Morgan made bumper profits between July and September

US banking giant JP Morgan Chase has agreed to pay a fine of $75m (£45.3m) to settle charges that it bribed local officials in the US state of Alabama.

As part of the settlement with US regulators, the bank also agreed to forfeit $647m in fees. It did not, however, admit or deny the charges.

The regulator has accused two former directors of making payments of $8m to friends of Jefferson County officials.

The county then selected JP Morgan to underwrite its bond offerings.

"The transactions were complex but the scheme was simple," the Securities and Exchange Commission said.

"Senior JP Morgan bankers made unlawful payments to win business and earn fees."

The bank will pay a penalty of $25m and a payment of $50m to Jefferson County.

Last month, JP Morgan, which is the second-biggest bank in the US, announced profits of $3.6bn between July and September.



Bookmark with:

What are these?


E-mail this to a friend
Printable version

Print Sponsor



SEE ALSO JP Morgan results beat forecasts
14 Oct 09 |  Business
RELATED INTERNET LINKS (External) JPMorgan Chase The BBC is not responsible for the content of external internet sites
TOP BUSINESS STORIES Climate cash is 'unaccounted for'
US economic growth revised down
Planned Saab buyer calls off deal

MOST POPULAR STORIES NOW

Most popular now, in detail Most popular now, in detail Most popular now, in detail

FEATURES, VIEWS, ANALYSIS

US President Barack Obama and Commander of US Forces in Afghanistan Stanley McChrystal Mardell's America
Decision time for Obama on Afghanistan troops

A doctor and patient Global healthcare
How does the US system compare with others?

A man in the act of killing a buffalo In pictures
Images from the world's largest sacrificial festival
Most Popular Now

Most Popular Now | 29,629 people are reading stories on the site right now.


Skip to top

PRODUCTS & SERVICES

Quantcast

Explore the BBC

Home

Popular links

BBC links A to F

  1. BBC iPlayer
  2. CBBC
  3. CBeebies
  4. Food

BBC links H to L

  1. Health
  2. History
  3. Learning
  4. Local & Nations

BBC links M to Sc

  1. Music
  2. News
  3. Radio
  4. Science & Nature

BBC links Sp to W

  1. Sport
  2. TV
  3. Weather

A whole lot more

To top

Site Links

BBC links

BBC © MMIX

The BBC is not responsible for the content of external internet sites.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.
Americas  Africa  Europe  Middle East  South Asia  Asia Pacific 

watch One-Minute World News

Change Text Only Settings

Graphic version of this page