Ohio is part of $56M settlements over municipal bond deals

COLUMBUS — Ohio Attorney General Mike DeWine today announced that Ohio is part of multimillion-dollar settlements with Natixis Funding Corp. and Societe Generale over allegations the companies rigged bids and defrauded local governments and nonprofits that entered into municipal derivatives contracts with them.

The two settlements, which total more than $56 million, were coordinated with 21 other attorneys general and a private class.

More than $53.8 million will be paid into a settlement fund, according to the terms of a class-settlement agreement, and largely applied to restitution for municipalities, counties, government agencies, school districts, and nonprofits that entered into municipal derivatives contracts with Natixis or Societe Generale.

Harmed entities eligible for restitution will be contacted by the settlement fund administrator with instructions on how to join the settlement. A number of Ohio entities are expected to qualify for restitution.