RENEE MONTAGNE, host: NPR's business news starts with a fine for JPMorgan Chase.</s>RENEE MONTAGNE, host: Federal and state regulators have been investigating the way banks sold complex financial products to cities and charities. Yesterday, JPMorgan Chase agreed to pay $211 million to settle charges that its bankers rigged bids and fixed prices for bond derivatives sold to at least 48 cities and nonprofits. Bank of America and UBS have also paid money to settle similar charges.
The banking giant will pay $211 million after admitting one of its divisions rigged dozens of bidding competitions to win business from state and local governments.