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JPMorgan Pays out $920 Million Settlement

  +Follow September 19, 2013 10:19AM
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. To read our full disclosure, please go to: http://www.equities.com/disclaimer

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Results for jpm
29 Jul 15 09:55:15
RT @jpmorgan: New $JPM piece examines the forces of inefficiency confronting #treasury: http://t.co/WKQtTuJQ0A http://t.co/ifSfbYuIc6
dan hecht
29 Jul 15 09:55:15
I am bullish down here and so is $JPM
29 Jul 15 09:52:50
JP Morgan Chase & Co (JPM) 68.83 $JPM Unilever prices $1.0bn bond on the U.S. market M2 - 1 min ago Unilever h http://t.co/8mpH1UXO6k
29 Jul 15 09:50:45
XLI Industrials Select Sector SPDR Bid http://t.co/Ex1WUudJU1 $XLI $JPM $TNA $CSCO #XLI #invest #investing
29 Jul 15 09:50:30
XIV VelocityShares Daily Inverse VIX Short Term ETN Tick http://t.co/K5UmVpwS4T $XIV $GEVO $JNUG $JPM #XIV #investing #stocks
Lucky Jimmy
29 Jul 15 09:50:23
VXX iPath S&P 500 VIX Short-Term Futures ETN Company Info http://t.co/RBTG4M4mxR $VXX $V $JPM $GRCU #VXX #share #stocks
Lucky Jimmy
29 Jul 15 09:50:22
UUP PowerShares DB US Dollar Index Bullish Fund Summary http://t.co/kuBVX2FnYf $UUP $JPM $SSO $COST #UUP #nasdaq #stocks
29 Jul 15 09:49:21
SSO ProShares Ultra S&P 500 Fund Current Price http://t.co/ujns3cUH3f $SSO $JPM $ERX $NUGT #SSO #investing #finance
Investors Hangout
29 Jul 15 09:49:16
TVIX VelocityShares Daily 2x VIX Short Term ETN News http://t.co/bCguFy0JpS $TVIX $JPM $CEU.TO $XLK #TVIX #stocks #stockmarket
29 Jul 15 09:48:49
SPXS Direxion Daily S&P 500 Bear 3X Shares P/E Ratio http://t.co/CdAxzMRiQA $SPXS $JPM $HYG $NK #SPXS #stockmarket #investing
29 Jul 15 09:48:44
PFE Pfizer, Inc. Change http://t.co/OeJLVnHQ84 $PFE $CURE $JPM $HD #PFE #invest #stocks
29 Jul 15 09:48:11
PFE Pfizer, Inc. Bid Size http://t.co/Cn1XMdtoVv $PFE $IWM $JPM $COST #PFE #finance #stocks
29 Jul 15 09:48:09
NK NantKwest, Inc. News http://t.co/0maOTDfc9T $NK $NBD.TO $BIIB $JPM #NK #stockmarket #finance
Investors Hangout
29 Jul 15 09:47:11
SPXL Direxion Daily S&P 500 Bull 3X Shares Investor Opinions http://t.co/NPvJbJghFe $SPXL $CTXS $FB $JPM #SPXL #pennystocks #tradeideas
29 Jul 15 09:47:06
SPXL Direxion Daily S&P 500 Bull 3X Shares Exchange http://t.co/XhfFvCEghy $SPXL $BMY $JPM $DRN #SPXL #share #investing
29 Jul 15 09:46:24
OIH Market Vectors Oil Services Investor Opinions http://t.co/DRU3zSF7ts $OIH $JPM $DRYS $XLV #OIH #stock #invest
29 Jul 15 09:46:14
NYMX Nymox Pharmaceutical Corp. 52Wk High http://t.co/slW6aG7E4O $NYMX $JPM $EA $SH #NYMX #stocks #finance
29 Jul 15 09:46:08
JPM J.P. Morgan Chase & Co. Stock Forum http://t.co/c1h9TyR4SZ $JPM $GNK $IYR $CREE #JPM #invest #invest
29 Jul 15 09:46:06
SCTY SolarCity Corp. Bid Size http://t.co/RWS8DXgfCA $SCTY $FXE $JPM $PFE #SCTY #stocks #pennystocks
Investors Hangout
29 Jul 15 09:46:05
JPM J.P. Morgan Chase & Co. Ask Size http://t.co/BtkgAYWKSr $JPM $DY $F $CX #JPM #investing #stocks
Investors Hangout
29 Jul 15 09:46:05
SALT Scorpio Bulkers Inc. Ask Size http://t.co/n8wdqS7tov $SALT $CEU.TO $JPM $JNUG #SALT #share #pennystocks
29 Jul 15 09:46:03
JPM J.P. Morgan Chase & Co. Bid http://t.co/MlNkbTHUMl $JPM $TSLA $UWTI $BABA #JPM #investing #finance
Bidness Etc
29 Jul 15 09:45:24
JPMorgan Chase & Co. Stock: Deutsche Bank Rates A Buy http://t.co/L9MOP4zewi $JPM http://t.co/lyx4t2e2iT
IH News Desk
29 Jul 15 09:45:11
PLUG Plug Power, Inc. Last Price http://t.co/L94lVFkRs6 $PLUG $FRO $AAPL $JPM #PLUG #nasdaq #investing
Investors Hangout
29 Jul 15 09:45:05
JPM J.P. Morgan Chase & Co. Quotes http://t.co/MT2XIroKXV $JPM $SCTY $FB $NUGT #JPM #pennystocks #pennystocks
Investors Hangout
29 Jul 15 09:44:49
JPM J.P. Morgan Chase & Co. Market Cap http://t.co/D7wS8nKg55 $JPM $MBLY $GMCR $CREE #JPM #finance #stock
29 Jul 15 09:44:45
PBR Petroleo Brasileiro (Petrobras) Short Sales http://t.co/tcBVmfaU69 $PBR $FXE $FXI $JPM #PBR #finance #stock
29 Jul 15 09:44:38
GPRO GoPro, Inc. Volume http://t.co/3DyrWHvY0P $GPRO $JPM $AMX $KMI #GPRO #stockmarket #finance
29 Jul 15 09:44:35
OSK Oshkosh Corp. 52Wk High http://t.co/nMTcFohohe $OSK $JPM $DATA $ZIOP #OSK #tradeideas #pennystocks
29 Jul 15 09:44:19
JPM +1.23% Stock Charts $JPM JPMorgan Chase & Co. (NYSE) Last Updated: 07/29/2015 11:44:18 JPM Stock Chart - 1 http://t.co/G0w5JNn74E
29 Jul 15 09:44:03
NK NantKwest, Inc. Bid http://t.co/Rm5uUfVq0r $NK $G.TO $HYG $JPM #NK #pennystocks #tradeideas
29 Jul 15 09:44:01
NEM Newmont Mining Corp. Shares http://t.co/DotwRcNiAb $NEM $EFA $JPM $UWTI #NEM #stockmarket #stock
29 Jul 15 09:43:37
JPM J.P. Morgan Chase & Co. Bid http://t.co/tKwwpKmeVK $JPM $IWM $FCX $VLTC #JPM #stock #stockmarket
29 Jul 15 09:43:36
JNJ Johnson & Johnson Quotes http://t.co/C2ykXdoAUH $JNJ $DIS $SDS $JPM #JNJ #tradeideas #stock
29 Jul 15 09:43:35
JPM J.P. Morgan Chase & Co. Day Low http://t.co/KkMsD6ezbb $JPM $BTE.TO $MNKD $JUNO #JPM #pennystocks #stocks
Stock Forums
29 Jul 15 09:42:08
JUNO Juno Therapeutics, Inc. Investor Opinions http://t.co/q1Y9qTcS7b $JUNO $JPM $GOOG $TASR #JUNO #pennystocks #pennystocks
29 Jul 15 09:42:07
JPM J.P. Morgan Chase & Co. Ideas http://t.co/cfJuqasyOY $JPM $WM $DUST $AMBA #JPM #stock #pennystocks
29 Jul 15 09:41:35
JPM J.P. Morgan Chase & Co. Short Sales http://t.co/ZW7zuo9l93 $JPM $JBLU $MNKD $MPC #JPM #nasdaq #share
Investors Hangout
29 Jul 15 09:41:34
JPM J.P. Morgan Chase & Co. P/E Ratio http://t.co/qmPZEGOqex $JPM $MET $DRV $KBE #JPM #tradeideas #stock
29 Jul 15 09:41:33
JPM J.P. Morgan Chase & Co. Last Price http://t.co/lALhZRud0F $JPM $COST $SGY.TO $FSLR #JPM #finance #nasdaq
29 Jul 15 09:41:33
JPM J.P. Morgan Chase & Co. Company Info http://t.co/yxHtvfEZ1g $JPM $KRE $KMI $SSO #JPM #stock #share
29 Jul 15 09:40:50
GPRO GoPro, Inc. Financials http://t.co/Qbyvih8SlE $GPRO $JPM $CREE $GMCR #GPRO #tradeideas #stocks
29 Jul 15 09:40:49
GPRO GoPro, Inc. % Change http://t.co/sBG9Xhc5H6 $GPRO $JPM $FRC.TO $XLB #GPRO #investing #nasdaq
Rosner Stocks
29 Jul 15 09:40:49
HD Home Depot, Inc. Ex-Div Date http://t.co/uzCtm1TbDc $HD $JPM $IAU $GILD #HD #stockmarket #tradeideas
IH News Desk
29 Jul 15 09:39:45
GOOG Google Inc. - Class C % Change http://t.co/qHNUJO7ERH $GOOG $JPM $PZZA $DRN #GOOG #nasdaq #nasdaq
29 Jul 15 09:39:37
GILD Gilead Sciences, Inc. Current Price http://t.co/sHGpqRIxlP $GILD $OIH $JPM $PLUG #GILD #tradeideas #invest
James McDonald
29 Jul 15 09:39:27
RT @jpmorgan: New $JPM piece examines the forces of inefficiency confronting #treasury: http://t.co/WKQtTuJQ0A http://t.co/ifSfbYuIc6
Allen Wood
29 Jul 15 09:36:54
RT @jpmorgan: New $JPM piece examines the forces of inefficiency confronting #treasury: http://t.co/WKQtTuJQ0A http://t.co/ifSfbYuIc6
29 Jul 15 09:36:05
DE Deere & Co. P/E Ratio http://t.co/M0VQgtgvwy $DE $JPM $KRE $XLF #DE #stockmarket #share
29 Jul 15 09:35:20
CYTK Cytokinetics Inc. 52Wk Low http://t.co/pbuPxp3w3O $CYTK $VXX $JPM $BMY #CYTK #share #investing
  +Follow September 19, 2013 10:19AM



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