Home > Finance, Law > JPMorgan Agrees to London Whale Fines, to Admit Wrongdoing

JPMorgan Agrees to London Whale Fines, to Admit Wrongdoing

Tuesday, September 17th, 2013 Leave a comment Go to comments

JPMorgan (JPM) has reportedly agreed to pay $800M in fines related to its $6B London Whale trading loss and to make a groundbreaking admission of wrongdoing. The settlements, expected this week, could expose the bank to private lawsuits.

JPM has forged the settlement with a number of regulators in the U.S. and U.K., although not with the Commodity Futures Trading Commission, which plans to levy a separate fine. While senior executives have escaped without charges, the FBI and Federal prosecutors are still investigating the bank.

Even with the settlements in the trading loss case, the bank is still plagued by a host of legal woes. From DealBook:

JPMorgan faces inquiries from at least seven federal agencies and two European nations. The authorities have cast a wide net, examining everything from the bank’s hiring practices in China to mortgage loans it sold to investors in the financial crisis.

Prosecutors and the F.B.I. in Manhattan are also examining whether JPMorgan did not alert authorities to suspicions about Bernard L. Madoff‘s Ponzi scheme, according to the people briefed on the matter. That investigation, while years old, has heated up in recent months as JPMorgan has become a magnet for federal attention.

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  1. Thursday, September 19th, 2013 at 2:31 am

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