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March 20, 2013

Senate JPMorgan Report Gives SEC Road Map for Potential Lawsuit

The U.S. Senate probe into JPMorga Chase & Co. (JPM) did more than conclude the bank hid the full damage of last year’s trading losses from investors and regulators. It also delivered 900 pages of evidence that could help the Securities and Exchange Commission make the case that bank executives broke the law.

Former SEC Chairman Mary Schapiro said last year that her agency was investigating whether JPMorgan adequately disclosed the losses on a derivatives portfolio that eventually swelled to more than $6.2 billion.

The case may become an early test for SEC chairman nominee Mary Jo White, a former prosecutor picked to help the agency shed a reputation for failing to prosecute Wall Street wrongdoing. White may have to avoid personal involvement in the case because her law firm has represented JPMorgan.

SEC officials weighing charges of improper disclosures will be able to draw on the 300-page report by the Senate’s Permanent Subcommittee on Investigations released on March 14, as well as over 90,000 e-mails and other documents, 200 transcribed telephone calls and 25 interviews with bank officials compiled by the committee.”

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Read full Bloomberg article here

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