JPMorgan Chase To Pay $920 Million In Settlement

By: Associated Press
By: Associated Press

Stay up-to-date with KAKE News:

Stay up-to-date with KAKE News:

Thursday, September 19, 2013

JPMorgan Chase & Co. will pay $920 million and admit wrongdoing in a settlement with U.S. and British regulators over the $6 billion "London Whale" trading loss last year that tarnished its reputation.

The U.K.'s Financial Conduct Authority fined the company $220 million, the British Securities and Trade Commission fined $200 million and required JPMorgan to admit wrongdoing.

The U.S. Federal Reserve Board imposed a $200 million penalty, while the Office of the Comptroller of the Currency set a $300 million fine.

Weak internal controls at the biggest U.S. bank enabled traders in its London operation to assign inflated values to trades and to cover up losses as they ballooned.

Two JPMorgan traders face criminal charges of falsifying records to hide the losses.

The stock rose in premarket trading Thursday.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 224402561 - kake.com/a?a=224402561