Bank Owes Township $5K in Restitution

is getting over $5,000 back from .

It’s part of restitution to Pennsylvania municipalities and non-profit organizations who were victimized as part of a large-scale bid-rigging case involving Bank of America and other major financial institutions.

Attorney General Linda said in a release that the scheme involved the marketing and sale of municipal investments, which are used by government agencies to reinvest the proceeds of tax-exempt bonds until those funds are needed.

According to the release, the settlement funds will compensate Pennsylvania victims for their losses, returning the funds they should have received when they initially made their investments.

Kelly noted that the settlement with Bank of America resulted in the recent distribution of more than $2.9 million to approximately 70 local governments and organizations across the state. The restitution payments ranged from $1,351 to $252,238. Bensalem Township’s payment is $5,584.47.

Kelly also announced similar payments to state entities from JP Morgan Chase.

“Efforts are also underway to confirm the distribution amounts and recipients for settlement funds from three other bid-rigging settlements, which will return more than $8 million to additional Pennsylvania victims,” Kelly explained.