The bank could pay more as it agreed to pay the larger of the two: $37 million or 65 percent of the amount reached in any criminal settlement in the case, MarketWatch reported Tuesday.
The agreement revealed Tuesday requires court approval.
The case is similar to cases filed against Bank of America Corp., UBS AG, and JPMorgan Chase & Co., which have agreed to more than $500 million in total payments.
There have been no settlements yet with any Justice Department agencies.
Allegedly, the banks from the late 1990s though 2005 had manipulated the bidding process for municipal bonds. Banks allegedly fixed the bidding in collusion with bidding agents to limit what was owed to the municipalities.