Created on Wednesday, 05 January 2011 16:20
Montgomery County and the North Penn School District are getting money this week from the Bank of America. It’s part of a multi-state settlement in a scheme to rig bids and engage in other anti-competitive conduct in dealings with public entities. Pennsylvania Attorney General Tom Corbett says the scheme enriched banks and brokers at the expense of the victims, including 30 school districts across the state. Montgomery County gets the biggest share of the settlement, at more than $1,991,000, and North Penn gets more than $34,500. Corbett says investigators focused on the marketing and sale of municipal derivative investments, which government agencies use to re-invest the proceeds of tax-exempt bond offerings. He says additional funds from the settlement will be distributed in the near future.