Kan. expects $266K from bond case settlements

? Kansas expects to receive $266,000 from national legal settlements involving two financial firms over complaints about their activities in the municipal bond market.

The attorney general’s office says the money will go to cities, nonprofit groups and the Kansas Development Finance Authority, which issues bonds for many state agencies.

About $208,000 is expected from a settlement with GE Funding Capital Market Services. The firm has acknowledged that from 1999 through 2004, former traders manipulated the bidding process on contracts for investing proceeds or managing risk associated with bonds. The company says it no longer employs those traders.

Kansas also expects $58,000 from a settlement with Wells Fargo & Co, which purchased Wachovia Bank in 2008. Wachovia faced allegations that it had rigged municipal bond transactions.