Summary:
Jefferson County (Alabama) accused JPMorgan of paying bribes to county officials in exchange for an appointment as lead underwriter for highly risky refinancing of the county's sewer debt, which caused Jefferson County billions of dollars in losses. According to the complaint, JPMorgan, JPMorgan Chase and underwriting firm Blount Parrish & Co. handed out bribes, kickbacks and payoffs to swindle the county out of millions in inflated fees.
Status:
The state high court denied two petitions for writ of mandamus by the defendants — including J.P. Morgan Securities Inc. and two former JPMorgan managing directors, CharlesLeCroyand Douglas MacFaddin — who challenged a lower court's decision to deny their motion to dismiss.
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