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September 20, 2013

JPMorgan Chase To Pay Huge Fine In London Whale Settlement

JPMorgan Chase has agreed to pay regulators more than $900 million in fines over last year’s London Whale trading fiasco. A handful of rogue traders at the bank lost more than $6 billion in a bad derivatives trading strategy. The traders then concealed the losses from senior executives for weeks. JPMorgan also formally admitted wrongdoing in the settlement with four different regulators.

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