Municipal bond underwriting practices at Bear Stearns are under a Securities and Exchange Commission investigation, the company indicated in a regulatory filing Friday. The Chicago branch of Bear Stearns is also being checked out by the U.S. Attorney’s office in Illinois and state securities regulators, both of which have served the firm with subpoenas.

While the company did not comment on what regulators are specifically looking for, it may be related to a whistleblower suit filed earlier this year, which prompted questioning as to how Bear Stearns secured a $10 billion bond underwriting assignment in 2003.

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