JP Morgan agrees to 2nd fraud settlement this month

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BBC News - JP Morgan agrees further fraud settlement

JP Morgan Chase is to pay $228m (£143m) to settle claims it rigged auctions, its second fraud payout in a month. The deal was reached with regulators, tax authorities and 25 US states, who accused it of fixing bids for state and municipal contracts on 93 occasions.

It comes after the bank agreed a $154m payout to settle charges of misleading buyers of its mortgage investments. The bank had agreed to co-operate with the US Justice Department, and blamed former employees for the offences.

The department has brought criminal charges against 18 of the bank's former executives - of whom nine have pleaded guilty. But the bank itself had only faced civil charges after it agreed to co-operate.

The US lender was accused of paying to have a sneak preview of rival bids to win contracts to invest cash on behalf of local and state governments, including those of California, Texas and New Jersey.

And according to another article I read, they're on their way to becoming the largest bank in America.