GPA getting $5M from DOJ settlement - KUAM.com-KUAM News: On Air. Online. On Demand.

GPA getting $5M from DOJ settlement

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by Sabrina Salas Matanane

Guam - The Guam Power Authority stands to receive $5.1 million dollars as part of a settlement with the Department of Justice and order from the Securities and Exchange Commission with the Bank of America. The settlement involves allegations that the Bank of America had engaged in improper bidding practices that occurred between 1998 through 2002 involving the temporary investment of proceeds of tax-exempt municipal securities in reinvestment products.

Several state and local government agencies will benefit from this settlement including Guam.  According to the order BOA within one month must pay several government agencies including GPA.

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