Banking giant JPMorgan Chase today agreed to pay USD 920 million to settle securities law violations with US and British government agencies related to the "London whale" trading debacle.
The global settlement includes an admission by JPMorgan that it violated US securities laws.
The violations stem from the misstatement of financial results and poor internal controls over employees who were responsible for some USD 6.2 billion in trading losses last year.
More From This Section
Besides the FCA penalty, JPMorgan will pay a USD 200 million penalty to the US Securities and Exchange Commission, a USD 200 million fine to the US Federal Reserve and a USD 300 million penalty to the US Office of the Comptroller of the Currency.
The bank reportedly faces a civil investigation from the US Commodities Futures Trading Commission and a criminal probe from the US Department of Justice.
The Justice Department filed criminal charges in August against two former JPMorgan traders involved in the case.