Bank of America pays $137 million for rigging bids on municipal bonds

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Bank of America Corp. agreed to pay $137 million to settle investigations of its involvement in a conspiracy to rig bids on 88 municipal bond contracts, the U.S. Securities and Exchange Commission and Justice Department said.

Bank of America, based in Charlotte, North Carolina, agreed to pay $36 million to settle an SEC case. The bank will pay an additional $101 million to resolve investigations by other federal and state agencies, the SEC said.

Bank of America has been aiding a nationwide Justice Department probe since at least 2007 in return for leniency. The settlement also involves 20 states, the Office of the Comptroller of the Currency, the Internal Revenue Service and the Federal Reserve Bank, Connecticut Attorney General Richard Blumenthal said in a release.

Full story: Bank of America to Pay $137 Million in Muni Cases