JPMorgan pays $100M, admits fault in London trades
The Associated Press
First Published Oct 16 2013 09:04 am • Last Updated Oct 16 2013 09:04 am
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.
Copyright 2013 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
About Reader Comments
Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account
. See more about comments here.