SEC eyes JPMorgan on muni bidding

JPMorgan Chase & Co. received a Wells notice, indicating that its JPMorgan Securities Inc. unit might face an enforcement action from the Securities and Exchange Commission. The action would focus on “the bidding of various financial instruments associated with municipal securities,” according to an SEC filing. Last month, the company was named along with five other commercial banks, investment banks, insurance companies and brokers as defendants in several class actions regarding the selling of derivatives and investment products to state and local governments that raise money in the municipal bond market. The filing did not state whether there was any connection between the Wells notice and the lawsuits. JPMorgan Chase & Co. and JPMorgan Securities Inc. are located in New York.