May 19, 2010
The State Corporation Commission has approved a settlement that requires banking and investment firm JPMorgan Chase and Co. to pay $209,000.
The payment is part of a multistate settlement over the firm's sale of auction-rate securities.
The SCC says JPMorgan Chase misled Virginia investors about the
liquidity of those securities. Instead of being cash-like investments, the securities were actually long-term investments that were subject to a complex auction process that failed in early 2008.
Tuesday's announced settlement stemmed from a multistate task force investigation. The SCC joined the investigation in April 2008 after receiving complaints from investors.
The SCC says the $209,000 will be paid to the commonwealth.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.