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JPMorgan Chase & Co. has agreed to a settlement worth more than $700 million over federal regulators’ charges that it made unlawful payments to friends of public officials to win municipal bond business in Jefferson County, Ala.
The Securities and Exchange Commission on Wednesday announced the settlement with JPMorgan, which canceled interest-rate swap contracts with the county worth $700 million in March. The move lowers the county’s bond debt to about $3.2 billion from $3.9 billion, but officials had no immediate comment on whether that was enough to help the county avoid filing what would be the largest municipal bankruptcy ever.
The Wall Street bank did not admit or deny the SEC allegations in agreeing to pay a $25 million civil fine and a $50 million payment to the county, and to forfeit $647 million in termination fees it claims the county owes from the canceled swap agreements. JPMorgan also was censured and agreed to refrain from future violations of the securities laws.
The legal challenges to Intel Corp.’s sales tactics mounted Wednesday as New York’s attorney general accused the world’s biggest computer chip maker of using “illegal threats and collusion” to dominate.
In filing a federal antitrust lawsuit, Attorney General Andrew Cuomo accused Intel of using its market prowess to “rule with an iron fist.”
Intel’s chips act as the “brains” of 80 percent of the world’s personal computers. Cuomo said Intel paid billions of dollars in kickbacks to computer manufacturers and retaliated against those that did too much business with Intel’s competitors, namely Advanced Micro Devices Inc.
Intel spokesman Chuck Mulloy denied the latest charges, as the company has in the past, and said Intel’s sales practices were legitimate.
Meijer on Wednesday announced plans to cut prices on more than 400 toys, lowering some to less than $5. The initiative is part of the Grand Rapids, Mich.-based company’s Price Drop program, announced last week.
The Toy Price Drop program, which includes almost all toy categories, will cut up to 30 percent off the discount retail chain’s regular prices.
The announcement continues what is becoming an annual toy price war. Wal-Mart Stores Inc. on Tuesday said it is cutting prices on 100 additional toys this year. The savings of 20 percent to 30 percent are in addition to the chain’s program that prices 100 toys for $10.
Coachmen Industries Inc. on Wednesday announced a company name change. The Elkhart-based manufacturer will now be known as All American Group.
The company’s board believes the Coachmen name is too closely associated with recreational vehicles, a portion of the business it sold to Forest River in December.
The All American brand is already established in the modular home business, where the manufacturer is now concentrating its efforts, President and CEO Rick Lavers said in a prepared statement. The company also builds specialty vehicles that offer greater accessibility.
