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JPMorgan pays $100M, admits fault in London trades

Published October 16, 2013 4:29 pm

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Washington • JPMorgan Chase & Co. has agreed to pay a $100 million penalty and admitted that it distorted prices during a series of London trades that ultimately cost the bank $6 billion in losses.

The settlement announced Wednesday by the Commodity Futures Trading Commission comes less than a month after JPMorgan agreed to pay $920 million and admit fault in a deal with the Securities and Exchange Commission and other U.S. and British regulators.

The CFTC said JPMorgan traders in London sold off a massive volume of derivatives at once, distorting market prices.