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September 17, 2013

J.P. Morgan to Agree to 'London Whale' Fines

“J.P. Morgan Chase & Co. is expected to take a big step toward resolving the “London whale” trading fiasco, agreeing to pay at least $800 million in penalties and admit wrongdoing as part of a broad regulatory settlement over its handling of the matter, according to people familiar with the situation.

“Regulators in the U.S. and U.K. are expected to fault J.P. Morgan for deficient internal controls and disclosing incorrect information related to the 2012 trades, the people said. The trades resulted in more than $6 billion in losses at the largest U.S. bank.

“The pact coincides with a separate settlement expected this week over credit-card products that could cost the bank about $80 million in fines plus refunds to customers, according to people familiar with that matter.

“An acknowledgment of wrongdoing by the company in the London whale matter would be a high-profile win for the Securities and Exchange Commission, which under Chairman Mary Jo White has begun pushing for settlements that include such admissions.”

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Read full Wall Street Journal article here

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