JPMorgan Chase, Bank of America, and the six other financial giants have reached a $70 million settlement to resolve a whistleblower lawsuit alleging “widespread fraud and collusion.” The lawsuit, filed by Edelweiss Fund LLC in 2014, accused the banks of rigging interest rates on municipal bonds to generate illicit profits. The settlement, which includes at least 14 states and various state agencies, brings an end to the decade-long legal battle. The state of Illinois is set to receive $33.6 million, while Edelweiss Fund LLC will be rewarded with $14.4 million for bringing the lawsuit on behalf of the government. The remaining funds will cover legal expenses. The whistleblower, Johan Rosenberg, expressed his satisfaction with the outcome and the uncovering of previously unknown practices in the market.
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JPMorgan Chase, Bank of America and Six Financial Giants Pay $70,000,000 Settlement Over Allegations of ‘Widespread Fraud and Collusion’
