JPMorgan Chase & Co. (NYSE:JPM) encounter another fine, according to recent reports the bank will pay $100 million to settle it’s investigation of handling the trades and internal controls in U.S. and U.K. that impose at least $6.2 billion in losses in 2012. But the trade which is generally known as London Whale case doesn’t finish all of the inquiries into the bets directed by Bruno Iksil.
Securities and Exchange Commission has declared that its investigation will still be open whereas the Justice Department of U.S will also continue the similar investigations. In April 2012 the bank’s CEO Jamie Dimon originally disagreed with the reports that “the derivatives bets were misrepresenting markets”, which he called a “tempest in a teapot.” The bank reveal rising losses a month afterward.
The financial holding company confessed in its SEC settlement that insider misunderstanding of the trades undergoes from fall and that the bank desecrated federal securities laws. The firm’s management of the trades also has been mistaken by the U.S. Comptroller of the Currency, Senate investigators, British Financial Conduct Authority and Federal Reserve.
In the past few months, the bank has sought to settle investigation into businesses contain credit-card lending, collection of mortgages into bonds and energy trading. But still the US bank has to federal and resolve state investigation in its mortgage-bond sales, as well as a criminal inquiry. In this regard, it is working to resolve state and federal probes into its mortgage-bond sales, as well as a criminal inquiry. JPMorgan has been in talk about a possible $11 billion contract with authorities, who are investigating that business, according to a source having knowledge of the talks.
According to the Wednesday report of CFTC, by selling a surprising volume of these trades in a concerted time, the firm irresponsibly overlooked the primary principle on which market members depend, that prices are conventional based on lawful forces of demands and supply. JPMorgan Chase & Co. (NYSE:JPM) shares surged 2.70% to $53.71 in current session.