Conway may very well be receiving money from a settlement with J.P. Morgan Chase & Co. The Conway City Council will discuss the terms during its regularly scheduled meeting at 6:30 p.m. Tuesday at the District Court Building. An out-of-court settlement has been reached between the banking company and various state attorneys general resulting in $65.5 million to be paid to those participating in the settlement. If Conway participates, it will receive $28.456.
The payment comes from a Municipal Bond Derivative that Conway entered into with Chase in 2003. According to the settlement agreement, “certain JPMC employees participated in an illegal scheme with brokers and other providers with whom they had relationships to put their mutual pecuniary interest ahead of those of the Municipal Bond Derivative clients they represented.”
If Conway chooses to participate in the settlement, it will wave its right to sue Chase on its own.