JPMorgan Chase is paying USD 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 US bank by assets, admitted wrongdoing in the settlements.
New York-based JPMorgan is paying a USD 127.5 million penalty in the settlement with the SEC and another USD 127.5 million in restitution plus USD 11.8 million in interest. Under the CFTC agreement, the bank is paying a USD 40 million penalty.
