logo
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

JPMorgan Pays out $920 Million Settlement

  +Follow September 19, 2013 10:19AM
Share:
Tickers Mentioned:

JPMorgan Chase & Co (JPM) can breathe a little easier as they’ve just taken a major step in putting the infamous “London Whale” trading loss behind them. On Sept. 19 the bank settled investigations into the bank’s attempt to cover up the trading loss. with the US Office of the Comptroller of Currency, The Securities and Exchange Commission, the Federal Reserve, and the UK Futures Trading Commission to the tune of $920 million, and an admission they violated federal financial laws.

The settlement placates the majority of governmental agencies that had been looking into the bank following the London Whale scandal came to a head. However, the bank is still being investigated by a handful of government agencies like the Federal Bureau of Investigation, the Justice Department, or notably the Commodity Futures Trading Commission. The settlements with those companies are expected to total in the hundreds of millions as well.

JPMorgan is going to great lengths to put distance between them and the London Whale, a massive trading loss out of the bank’s London branch that ended up costing $6.2 billion. JPMorgan hid the losses from investors, and initially understated them on their initial earnings report.

While this round of settlements gives JPMorgan some breathing room, their legal woes are far from over. Aside from the aforementioned agencies still investigating the company, the bank is still dealing with accusations they bribed Chinese officials for favorable contracts, and possible shareholders litigation. As JPMorgan was forced to admit they broke the law, shareholders could still theoretically try to recoup money they lost resulting from the stock drop caused by the London Whale.

Of particular note is the Commodity Futures Trading Commission, a regulatory body JPMorgan is going to great lengths to appease. The bank has already put their physical commodities desk up for sale, and is looking to move the controversial head of the bank’s commodities exchange out of the company.    

If JPMorgan is able to settle their legal troubles, the bank is poised to break out. The company posted record profits in 2012, and issued triumphant earnings reports in the first and second quarter of 2013.

JPMorgan is down 1.18 percent to hit $52.78 a share.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for jpm
Wall Street News
27 Aug 14 09:00:49
$JPM: Impact Of New SEC Rules On Banks' Revenues http://t.co/LH1MkPy33c http://t.co/i5P4VMgu2D
Business Reports
27 Aug 14 09:00:48
$JPM: JPMorgan Chase & Co. Begins Coverage on Healthequity (HQY) http://t.co/REEedQa2MG http://t.co/ojXkzHTDBh
Stock Wire
27 Aug 14 08:59:52
JPMorgan Chase & Co. Begins Coverage on Healthequity (HQY) $JPM http://t.co/i9yTpGFVpg
Stock Wire
27 Aug 14 08:59:50
Impact Of New SEC Rules On Banks' Revenues $JPM http://t.co/qyx7DWtgnk
12Stocks.com
27 Aug 14 08:51:22
S&P100 #Stocks Trend $UNH $AMZN $PFE $VZ $EBAY $AMGN $LLY $JPM $MET $MRK $AIG $BAC $C $IBM $MS $HPQ $SLB $CVX @ http://t.co/n4QZIDxy7w
12Stocks.com
27 Aug 14 08:50:47
Dow #Stocks Trend $UNH $PFE $VZ $JPM $MRK $IBM $CVX $XOM $CAT $KO $TRV $GS $WMT $BA $DD $AXP $T $GE $PG $DIS @ http://t.co/TvzJfd0RGT
Marc Lichtenfeld
27 Aug 14 08:46:39
The Bull Market Has Plenty of Room Left to Run - Investment U http://t.co/WFKCGZ1ycJ $BAC $C $JPM $CTL $AMT $TDS #stocks
mrs. jhen sherman
27 Aug 14 08:46:22
Hmm. what ch'all think? RT @janetnovack: Bank Out 40 Grand When It Allows Withdrawal Two Hours After #IRS Levy http://t.co/qwyx99VGZw $JPM
Daily Contracts
27 Aug 14 08:39:02
Real-Time feed of company contracts, original agreements and executive updates from JPMorgan Chase $JPM http://t.co/jbKc1ffUtJ
Market Headlines
27 Aug 14 08:28:32
$JPM: Banks Surf the Deal Wave http://t.co/zyBuEIgXtF http://t.co/a4ObgIwN4c
Cesar
27 Aug 14 08:15:03
$iwm $rut Triangle bullish long term target 138 http://t.co/s3rHsHFVRt $tna $tza $dia $spy $c $jpm $aapl $gs $xlf $xle $erx $goog $AMZN $MS
BNK Invest
27 Aug 14 08:12:08
Verizon Communications Becomes #19 Most Shorted Dow Stock, Replacing JPMorgan Chase $VZ $JPM #stocks http://t.co/Q2CNp0zP7V
Stocks DD
27 Aug 14 07:52:07
@StocksBroadcast @valuewalk @ToddSullivan $FNMA $FMCC $BAC $C $JPM $SPY StocksDD Cites:Could FannieMae Relist in NYSE?http://t.co/i8fzIZofYn
Wall Street Monitor
27 Aug 14 07:45:48
$JPM: JPMorgan Chase & Co. Announces Water Investment Partnership With The http://t.co/ReTdz4U0Cg http://t.co/XQbmkXQrjq
Stock Wire
27 Aug 14 07:41:14
JPMorgan Chase & Co. Announces Water Investment Partnership With The ... $JPM http://t.co/5qAx4hTtuv
StockExpert
27 Aug 14 07:29:26
$ISNS Volume OVER 10 Million on a Tiny 2 Million Share Float TONS OF SHORTS $spy $DIA $QQQ $TWTR $FB $LNKD $AAPL $GOOG $INTC $X $BAC $C $JPM
Market Monitor
27 Aug 14 07:28:29
$JPM: JPMorgan Chase & Co. Begins Coverage on Healthequity (HQY) http://t.co/uahDr5OUok http://t.co/hyWi5ZHVRA
John S. Wilson
27 Aug 14 07:26:40
RT @janetnovack: Bank Out 40 Grand When It Allows Withdrawal Two Hours After #IRS Levy http://t.co/GTDDpT7owh $JPM
Pfeifer
27 Aug 14 07:21:19
RT @DividendMaster: Lawsuit filed against $SC over subprime auto lending practices . $JPM $C $GS $BAC $DB $WFC $MS also named as defendents
Dividend Master
27 Aug 14 07:18:02
Lawsuit filed against $SC over subprime auto lending practices . $JPM $C $GS $BAC $DB $WFC $MS also named as defendents
Rob
27 Aug 14 07:05:40
Published $JPM estimate on Estimize: +0.09 EPS and +620.13M Revs compared to Wall Street's consensus. http://t.co/DY1QSaCmkX
Mark Mayr
27 Aug 14 07:03:11
Zerohedge: ECB Hires Blackrock For ABS-Buying Advice; Crushes Idea Of Upcoming QE Just in ca $SPF $GDP $JPM $RMBS http://t.co/dKCgnzH9LU
Mitchell Grooms
27 Aug 14 06:59:37
Stumpf: GSEs choking mortgage business $WFC $JPM http://t.co/8wPfp9TDeG
Janet Novack
27 Aug 14 06:48:50
Bank Out 40 Grand When It Allows Withdrawal Two Hours After #IRS Levy http://t.co/GTDDpT7owh $JPM
Future Tech Investor
27 Aug 14 06:44:41
$GLUU settin up for a run $ZNGA $KING $NQ $ATVI $EA $FB $JD $YY $Z $FSLR $GPRO $DDD $JPM $TLM $NUE $MU $YHOO $ISNS $ARUN $SWHC $ACHN $TWTR
SSR LLC
27 Aug 14 06:41:22
@SSRFinancials Bank Launches of Digital Wallet & Checkout Products are a Threat to PayPal & Catalyst for MCX $JPM http://t.co/D0vxCVQNFm
Julian Close
27 Aug 14 06:37:08
Critical Alerts for $ARWR, $ISIS, $MOBL, $JPM and $VIAB from InvestorsObserver today: http://t.co/h0ew9kiTG4 #OptionsTrading #CoveredCalls
Investors Observer
27 Aug 14 06:37:08
Critical Alerts for $ARWR, $ISIS, $MOBL, $JPM and $VIAB from InvestorsObserver today: http://t.co/c3hjzzDkdT #OptionsTrading #CoveredCalls
Financial Updates
27 Aug 14 06:28:30
$JPM: JPMorgan Chase & Co. Target of Unusually High Options Trading (JPM) http://t.co/IPAqCwiy6J http://t.co/dQApb43Hfz
ValueWalk
27 Aug 14 06:27:08
North Carolina Pension Cash To Wall Street Via Bundler http://t.co/BaXOAX5Tpw $CS $CG $JPM
Stock Market Monitor
27 Aug 14 06:10:50
$JPM: Aruba Networks Stock Rating Upgraded by JPMorgan Chase & Co. (ARUN) http://t.co/H5KtiaoxsE http://t.co/he1Cg6evll
Stock Wire
27 Aug 14 06:06:08
Aruba Networks Stock Rating Upgraded by JPMorgan Chase & Co. (ARUN) $JPM http://t.co/urno14d1Bm
Random Stocks Daily
27 Aug 14 05:56:02
Here's today's list: $JPM-E $KND $SSWN $STRZB $TREX $CERS $NOV $BGG $KMP $BAK. More details at http://t.co/FOOriXawTk
Carolyn B Miciano
27 Aug 14 05:56:02
Learn the basics of Options trading - Free course http://t.co/04T4DCIZPa $JPM $BA $BAC
Mr.Incredible
27 Aug 14 05:44:02
http://t.co/zGWqRK7q60 Verified $617.54 profit in $JPM small lot..small profit - new strategy in pilot project...coming out great!
androsForm
27 Aug 14 04:07:59
Largest OI Decreases [8.27] Cs $BAC $PG $GE $DIS $AIG | Ps $GILD $DIS $MGM $JPM http://t.co/K1bXWOQ3No
PennyStock Zone
27 Aug 14 04:06:07
Best day trading DVD by Fous Alerts check it out! http://t.co/HJ6WDp65fM #stocks #trading #nasdaq #nyse $JPM $ROST $CDNS $GPS $ALGN
Financial News
27 Aug 14 03:28:28
$JPM: JPMorgan Chase Announces Conference Call to Review Third Quarter 2014 Earnings http://t.co/EfLCCXsINj http://t.co/AydabEF5bh
$Stocknewsalerts
27 Aug 14 03:16:07
$JPM New SEC Document(s) for JPMorgan Chase & Co. From our Stock News Alerts App
Wall Street Monitor
27 Aug 14 03:15:36
$JPM: JPMorgan customers targeted in email phishing campaign http://t.co/73CLCWgRMQ http://t.co/YlMbcn9ZMd
Stock Wire
27 Aug 14 03:11:04
JPMorgan customers targeted in email phishing campaign $JPM http://t.co/X3kw11Laiy
Quantpost Financial
27 Aug 14 00:54:31
$JPM News Alert: http://t.co/vQqRECNnst Updated options view: https://t.co/5QtDlFFIo0 All options views: https://t.co/70xv7VQT5H
Seeking Alpha
27 Aug 14 00:54:29
5 Top Dow Dogs Declare 10% To 17.6% August Upsides http://t.co/OKtvJWJlhz $CSCO #CISCO $CVX $GE $JPM $KO $MCD $MRK $PFE $PG $T $VZ $WMT
Stockaholics
27 Aug 14 00:51:57
We are Releasing a SECRET Penny Stock Pick Today! Get it early: https://t.co/pOvMqLbReN $LVS $JPM $MHYS
Dow Stocks
27 Aug 14 00:17:04
#Dow #stocks $JPM JPMorgan Chase Daily:0.67% Weekly:3.79% YTD:4.19% Trend:100 / 100 http://t.co/EovIb6YJsz
Companies in News
26 Aug 14 19:28:26
$JPM: One Put, One Call Option To Know About for JPMorgan Chase http://t.co/mTTzCCWnz3 http://t.co/HV3SynHLny
PennyStock Zone
26 Aug 14 19:10:59
Best day trading DVD by Fous Alerts check it out! http://t.co/HJ6WDp65fM #stocks #trading #nasdaq #nyse $JPM $ROST $CDNS $GPS $ALGN
DayTrading Power
26 Aug 14 18:57:25
daytraded #stocks : $KITE $DGLY $JRJC $TWTR $HGSH $GTAT $DSW $LLY $JPM $TKMR $ISIS $ACHN $GLUU $SFUN $CLDX $AEO $CPRX went 24/29 for +$970
Todd Callaway
26 Aug 14 18:32:46
12 of 20 largest $SPY stocks are badly lagging YTD. Overweighting too many hurts portfolio. $GE $WMT $PFE $XOM $T $KO $GOOGL $VZ $JPM $PG
Cyrstal Galindo
26 Aug 14 18:08:26
U.S. judge dismiss $JPM http://t.co/fTAPIa2hsx
				
				
  +Follow September 19, 2013 10:19AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.