Subscribe

JPMorgan to admit wrongdoing in London Whale debacle

Just one month after JPMorgan paid out $920 million to quell 4 regulatory probes into its $6.2 billion in derivative losses, the bank is facing another fine.

  • close
    In this September file photo people walk past the JPMorgan Chase & Co. headquarters on Park Avenue in New York. The bank is required to pay another fine in the London Whale derivatives trading scandal.
    AP Photo/Kathy Willens
    View Caption
  • About video ads
    View Caption
of

The London Whale is the gift that keeps giving for regulators.

JPMorgan Chase & Co has agreed to pay the latest in a string of fines for the disastrous trades and admit wrongdoing, this time in a settlement with the U.S. Commodity Futures Trading Commission.

The bank agreed to pay $100 million and admit its traders acted recklessly, the CFTC said on Wednesday. The bank was instructed to send the funds to accounts receivable at the CFTC's division of enforcement.

The settlement follows one month after it paid $920 million to four other U.S. and British regulators to resolve probes of the bank's $6.2 billion in derivative losses involving its chief investment office.

The episode has proven to be one that just about every regulator the bank deals with has wanted to investigate and levy fines.

The Justice Department, even after filing criminal charges against two former JPMorgan traders who allegedly helped conceal the losses, is still investigating whether to bring any action against the bank.

"We are pleased to be able to put behind us another aspect of the CIO (chief investment office) trading matter by the resolution of the CFTC investigation," JPMorgan spokesman Joseph Evangelisti said.

About these ads
Sponsored Content by LockerDome
 
 
Make a Difference
Inspired? Here are some ways to make a difference on this issue.
FREE Newsletters
Get the Monitor stories you care about delivered to your inbox.
 

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK