Colorado is part of a $90.8 million multi-state settlement with UBS over allegations that the bank engaged in anti-competitive conduct in the municipal bonds deritive industry.

The settlement is one component of a coordinated law enforcement and regulatory action involving the U.S. Department of Justice, the Securities and Exchange Commission and the Internal Revenue Service.

UBS will pay $63.3 million to reimburse government and non-for-profit organizations across the United States who were injured as a result of the alleged conduct. The bank will also pay $2.5 million civil penalty and $5 million to reimburse states for fees and costs incurred during the investigation.

In an additional settlement with the SEC, UBS will pay $20 million to other government and nonprofit groups.

The multi-state investigation revealed allegedly “collusive and deception conduct” by individuals at several financial institutions, said Colorado Attorney General John Suthers. The conduct allegedly included bid rigging, agreements to refrain from bidding and fraud. Ultimately, the conduct resulted in lower yields, lower rates of return and less favorable terms for government and nonprofit groups.