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Federal Contractor Misconduct Database (FCMD)

The federal government routinely awards contracts to companies with histories of misconduct, including contract fraud and other violations. POGO believes that providing this website will help to improve contracting decisions and increase public knowledge of how the government spends billions of taxpayer dollars each year. Read more…

Municipal Derivatives Antitrust Litigation

General Electric agreed to pay $18.25 million to settle a class action investors’ lawsuit accusing the company’s finance units of conspiring to artificially fix prices for municipal securities. The lawsuit concerned the sale of municipal derivative transactions in the United States from January 1, 1992 through August 18, 2011. The lawsuit alleged that bid-rigging by GE units GE Funding Capital Market Services, Trinity Funding Co., and Trinity Plus Funding Co. (along with several other companies) violated antitrust law and caused consumers to receive lower interest rates. See related General Electric instances, “Anticompetitive Conduct in the Municipal Bond Investments Market (Non-Prosecution Agreement)” and “Anticompetitive Conduct in the Municipal Bond Investments Market (SEC Settlement)”.

Misconduct Type
Antitrust
Enforcement Agency
Non-Governmental
Contracting Party
None
Court Type
Civil
Disposition
Settlement
Date of Settlement Agreement
12/6/2013
Contractors Involved Penalty
Total
General Electric $18,250,000
Further Information Released
Settlement 12/6/2013
Second Consolidated Amended Complaint 6/18/2009

See also:

Federal Contractor Misconduct Database