Santa Cruz County Severs Ties With JP Morgan, Bank Of America

SANTA CRUZ -- The county is severing ties with two banks involved in municipal bid-rigging scandals, county Treasurer-Tax Collector Fred Keeley announced Thursday.
Keeley said he is removing New York-based JP Morgan Chase and North Carolina-based Bank of

America from an approved list of banks handling bond investments for Santa Cruz County. The decision was based on nationwide, multimillion-dollar settlements involving fraud allegations that the two companies negotiated agreements giving them a look at competitors' bids for handling the investments.

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