US SEC says JPMorgan Chase settles five enforcement cases, to pay $151 million
JPMorgan Chase will pay $151 million to settle five U.S. Securities and Exchange Commission enforcement cases, including accusations that the largest U.S. bank made misleading disclosures to brokerage customers, the regulator said on Thursday.
The settlements include $61 million of civil fines and $90 million of reimbursements to customers. JPMorgan did not admit or deny wrongdoing in agreeing to the settlements.
«JPMorgan's conduct across multiple business lines violated various laws designed to protect investors from the risks of self-dealing and conflicts of interest,» Sanjay Wadhwa, acting director of the SEC enforcement division, said in a statement.
In the largest settlement, JPMorgan will pay a $10 million civil fine and reimburse $90 million to customers who invested in «conduit» products.
These products pooled customer money to invest in private equity or hedge funds that would later distribute shares of companies that went public.
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