Tag: Former Attorney General Darrell McGraw

JPMorgan Chase Settles Antitrust Case in W.Va.

West Virginia’s attorney general has reached a $400,000 settlement with JPMorgan Chase over allegations of antitrust law violations.

Attorney General Patrick Morrisey announced the deal Tuesday. JPMorgan Chase was one of 22 banks and financial companies sued in 2009 by previous Attorney General Darrell McGraw.
 
The lawsuits claimed the institutions illegally rigged bids, fixed prices and manipulated the market for municipal derivatives.

Municipal derivatives are investments that allow a municipal bond issuer to generate a higher rate of return from bond proceeds than would be obtained if the bond funds were placed in a traditional savings account.
 
JPMorgan denied allegations at the time of the lawsuit and denied wrongdoing in the settlement. The settlement closes claims against the company.
 
The attorney general already reached deals with Royal Bank of Canada, Bank of America and Morgan Stanley, but lawsuits against the other banks are ongoing.
 
Most money from the settlement, except for attorney fees and costs, will go to state agencies that invested in municipal derivatives.

Audit: Former Attorney General Spent $54K on Employee Tuition

An audit says former Attorney General Darrell McGraw’s office reimbursed more than $54,000 for employee education without paying appropriate federal taxes.

The legislative audit released Tuesday says McGraw’s administration spent almost $21,000 for one employee’s out-of-state graduate classes in less than three months. Another employee was reimbursed about $26,500 over two years.

The most recent was reimbursed $6,700 in fiscal year 2012 for in-state university studies.

The assistance dated back to 1999. Payments went unreported on employee W-2 forms back through 2004, possibly earlier.

The audit covers July 2011 to January 2013.

The audit says no written, established educational assistance program existed.

McGraw says he is unfamiliar with the audit.

Current Republican Attorney General Patrick Morrisey says his office doesn’t cover employee tuition. Morrisey defeated five-term Democrat McGraw in 2012.

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