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JPMorgan paying $307M to settle US charges on conflicts

1 year 5 months 6 days ago December 18, 2015 Dec 18, 2015 Friday, December 18 2015 December 18, 2015 11:50 AM in News
Source: Associated Press
By: APNewsNow

WASHINGTON - JPMorgan Chase is paying $307 million to settle federal charges of failing to reveal conflicts of interest from steering clients into certain investments tied to its businesses.

The civil settlements were announced Friday by the Securities and Exchange Commission and the Commodity Futures Trading Commission. JPMorgan, the largest U.S. bank by assets, admitted wrongdoing in the settlements.

New York-based JPMorgan is paying a $127.5 million penalty in the settlement with the SEC and another $127.5 million in restitution plus $11.8 million in interest. Under the CFTC agreement, the bank is paying a $40 million penalty.

 

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