July 13, 2012

10 CT recipients share $1M+ fraud settlement

Ten Connecticut cities, public agencies and nonprofits will collect more than $1 million of last year's $92 million derivatives-fraud settlement reached between the state and New York financial giant JP Morgan Chase & Co., authorities say.

Attorney General George Jepsen said his office notified the 10 entities this week about how they can collect on their share of the settlement reached as part of an ongoing nationwide investigation into alleged anticompetitive and fraudulent conduct in the municipal bond derivatives industry.

To date, the working group of AG's in Connecticut and other states has obtained settlements totaling nearly $350 million from companies including JPMC, Bank of America, UBS AG, Wachovia Bank N.A. and GE Funding Capital Market Services, Inc. The investigation remains ongoing.

The Connecticut entities to receive restitution totaling $1,035,233.12 are:

• Quinnipiac University – eligible for $280,669.12

• Fairfield University – eligible for $243,371.96

• The Corporation for Independent Living – eligible for $213,424.99

• The South Central Connecticut Regional Water Authority – eligible for $128,341.50

• The Town of Stratford – eligible for $100,426.14

• Yale University – eligible for $19,918.50

• The Town of Fairfield – eligible for $15,858.61

• The City of Bridgeport – eligible for $14,166.03

• The Connecticut Housing Finance Authority – eligible for $9,850.88

• The Westminster School – eligible for $9,205.41

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