Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?



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

Liked What You Read? Join Equities.com and Connect With Your Favorite Financial Experts FOR FREE! Members of Equities.com gain access to our leading financial news and content, active social investment community, proprietary research tools including the 2014 Small-Cap Stars, E.V.A. reports and more.

Results for jpm
6 Oct 15 09:02:07
$JPM: Blythe Masters Says Forget Bitcoin, Embrace the Blockchain: http://t.co/pQlvl2vn7p
6 Oct 15 09:00:02
$JPM: New SEC Filing for JPM: Form 424B2 (No. 0000891092-15-008851): http://t.co/bYtnY2jU0R
SEC Filings
6 Oct 15 08:59:13
NEW SEC Filing for $JPM filed a moment ago: http://t.co/CdfmxETp2A http://t.co/xf5XkfttL9
Anand agarwal
6 Oct 15 08:53:59
RT @jpmorgan: Think you need to be a Business major to work at a bank? Think again. Hear Andrew’s take on working at $JPM. https://t.co/MxV…
Serdar Sert
6 Oct 15 08:49:22
RT @ThudderWicks: Deals of the Day: $JPM Said Mulling $18 Billion Loans Bid to Rival $GS, #Trifast, #Sandvik, #Finansbank http://t.co/77b…
Media Sentiment
6 Oct 15 08:49:22
$JPM received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 244
Market Int Center
6 Oct 15 08:41:01
JPMorgan $JPM Showing Bearish Technicals With Resistance At $62.85 ( http://t.co/yh4GKcyBV9 )
J.P. Morgan
6 Oct 15 08:36:02
Think you need to be a Business major to work at a bank? Think again. Hear Andrew’s take on working at $JPM. https://t.co/MxVTI6o3Yg
6 Oct 15 08:33:53
"JPMorgan Chase Is Still Undervalued" ---> http://t.co/1VMzKtwOns $JPM #ValueInvesting #Valuation #Undervalued
Swapnil Jadhav
6 Oct 15 08:31:47
RT @jpmorgan: Happening Live: Tune in now to watch $JPM's Global co-head of M&A, Chris Ventresca, on Bloomberg http://t.co/TGyzxcpVU6 #bmar…
6 Oct 15 08:18:03
Volume Alert - JPM 61.69 JP Morgan Chase & Co $JPM Hit a high today of 62.25 Closing the day 10:30 at 61.69 -0 http://t.co/lxBLdgxd5a
Bidness Etc
6 Oct 15 08:14:24
JPMorgan Chase & Co. Earnings: Should Investors Be Worried? http://t.co/35T1xS0dKi $JPM http://t.co/8NpAh1Yezc
6 Oct 15 08:12:54
RT @DavidMadden_IG: JP Morgan keeping costs down, Q3 numbers are due on 13 Oct. $JPM https://t.co/jeasQsMnB8 Losses can exceed deposits.
6 Oct 15 07:52:37
JPMorgan Chase Estimates Cut At Citigroup - http://t.co/9cu8drsNf7 - $JPM $C http://t.co/qXzhkYIz48
Stock Trade Alerts
6 Oct 15 07:47:18
5-min Candle Alert $JPM-F - JP MORGAN CHASE & CO PR DEP SHARES #daytrader #stocks ~ via #AlertTrade
6 Oct 15 07:44:45
RT @jpmorgan: Happening Live: Tune in now to watch $JPM's Global co-head of M&A, Chris Ventresca, on Bloomberg http://t.co/TGyzxcpVU6 #bmar…
J.P. Morgan
6 Oct 15 07:27:21
Happening Live: Tune in now to watch $JPM's Global co-head of M&A, Chris Ventresca, on Bloomberg http://t.co/TGyzxcpVU6 #bmarkets2015
Sweet Platform
6 Oct 15 07:12:23
JPM Top news - Oct 6th, 2015 $JPM http://t.co/9fjOetO9Hb
Stock Forums
6 Oct 15 07:00:04
TNA Teekay Tankers Ltd. Prev Close http://t.co/Iau77nQP8m $TNA $BRWC $FCX $JPM #TNA #stocks #invest
6 Oct 15 06:57:02
$JPM: Russian Investor Starved of Opportunity Seeks Brazil Bond Bounce: http://t.co/0bQByDaBTa
6 Oct 15 06:56:05
JP Morgan keeping costs down, Q3 numbers are due on 13 Oct. $JPM https://t.co/jeasQsMnB8 Losses can exceed deposits.
6 Oct 15 06:54:05
JPM Coca Cola Co. Company Info http://t.co/e7CM3cxnXK $JPM $PBR $DUST $CALA #JPM #stock #nasdaq
Jamie Pastore
6 Oct 15 06:49:52
@dasan Any correlation to being underwritten by $JPM and $MS, massive ad campaign, and pump & dump?
6 Oct 15 06:44:33
AA Alcoa, Inc. Last Trade http://t.co/4KnTAwsVJ0 $AA $JPM $DD $NE #AA #nasdaq #finance
Psych Trade
6 Oct 15 06:35:49
INFO: $JPM SENTIMENT indicator (as seen by investors in News & Social Media) shows very negative perception. http://t.co/NTgus6X2WM
6 Oct 15 06:33:19
Oil Below $50: More Winners, More Losers http://t.co/wHcT1UGsjt $BAC $BHI $CAT $CNI $COP $CP $CSX $CVX $DO $GE $HAL $JPM $KMI $MMP $NOV
L.A. Little
6 Oct 15 06:09:45
Financial stocks and earnings $XLF, $WFC, $BRK A, $JPM, $BAC, $C: http://t.co/lFxgJ2rs6q via @YouTube
6 Oct 15 05:48:17
Trading indices? check stories for the major constituents of #SP500 $CVX $PG $JPM http://t.co/Rwpf6Sogpu http://t.co/4RgDnlbvDK
Elena Gekker
6 Oct 15 05:45:25
RT @KennyPolcari: Selling The Rallies Vs. Buying The Dips http://t.co/RyMO6VV2B5 #IBDNews via @IBDinvestors $PEP $YUM $AA $JPM $GS $C $WFC…
Florent Capital
6 Oct 15 05:45:07
$DRLCQ Doral Financial Bidding Procedures Approval Sought http://t.co/cAbUvHIzh7 #DORAL $JPM $BAC $WFC $SAN $BNS $BPOP $FBN $RBS $RBC $LYG
Analyst Actions
6 Oct 15 05:44:02
$JPM: Analyst action by Citigroup on JPMorgan Chase: http://t.co/Y9kyvvOWHF http://t.co/AN1qWyb2TV
Michael James
6 Oct 15 05:40:44
Our Penny Stock Pick On $GEQU Is Up 3,042.86% For Our Members So Far! Subscribe here: http://t.co/CvhWLC4KnY $LVS $JPM $MHYS
Michael Cook
6 Oct 15 05:40:10
Our MASSIVE stock alert on $HCTI, gained 500% In The Past 5 Weeks! Special Update: http://t.co/vTbH5LeBTQ $LVS $JPM $MHYS
6 Oct 15 05:19:57
#JPMorgan - Massiver Widerstand voraus #börse #aktien $JPM http://t.co/PBYFy2AK4y http://t.co/BuvyZyxAJe
Paul Henry
6 Oct 15 05:12:55
Our Penny Stock Picks, Hve Gained Over 3,500% In The Past 3 Months! Subscribe Today: http://t.co/4a6L6EWAF0 $LVS $JPM $MHYS
Breaking News
6 Oct 15 05:07:02
$GS $JPM: Europe’s Aging Society Seen as Roadblock for Economic Revival: http://t.co/d0VunFDSPq
6 Oct 15 04:52:02
$JPM: JPM’s Grilli Says Migrants Makes Sense for Europe: http://t.co/Prt1V3XinH
Britney Salvato
6 Oct 15 04:20:48
RT @mepoback83: JPM J.P. Morgan Chase & Co. Ask Size http://t.co/cmmzsws6up $JPM $CRZO $WMIH $PXD #JPM #investing #finance
6 Oct 15 03:15:51
$JPM New SEC Document(s) for JPMorgan Chase & Co. From our Stock News Alerts App
Raymond Enisuoh
6 Oct 15 02:35:58
$JPM See: https://t.co/sBLJVYD75a … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … -MrsIGEnisuoh-
Mitchell Grooms
6 Oct 15 01:25:12
Morgan Stanley warns of earnings misses for big banks $MS $JPM $GS $BAC $C $BCS $BNPQY $SCGLY $HSBC http://t.co/7rT7YGV8Sk
PennyStock Zone
6 Oct 15 00:47:11
[Free Video] http://t.co/NZsuLWAAjQ <-- The Dirty Little Secrets of the Pennystock World! $ONVO $GBX $INFA $CLVS $JPM #stocks
Dow Stocks
6 Oct 15 00:17:40
#Dow #stocks $JPM JPMorgan Chase Daily:1.99% Weekly:3.4% YTD:-0.26% Trend:64 / 100 http://t.co/EovIb6H8B1
5 Oct 15 22:52:03
$JPM $GS $IBKR: Longest S&P 500 Rally of Year Puts Ceiling in Reach as VIX Drops: http://t.co/qZZaWruQ99
5 Oct 15 22:37:05
$JPM: Trade Deal Makes Further BOJ Stimulus Tougher, JPMorgan Says: http://t.co/w6yrWanPlf
Want your Pics
5 Oct 15 21:49:18
RT @cryptocointalk: Which #Banks Are Involved In #Bitcoin #Industry http://t.co/Tt7ktPAx4a $BCS $UBS $WFC $JPM $C $HSBC $SAN $DB #BTC #fina…
Bitcoin Museum
5 Oct 15 21:38:58
RT @cryptocointalk: Which #Banks Are Involved In #Bitcoin #Industry http://t.co/Tt7ktPAx4a $BCS $UBS $WFC $JPM $C $HSBC $SAN $DB #BTC #fina…
NeO Intelligence
5 Oct 15 21:37:53
Morgan Stanley warns of earnings misses for big banks http://t.co/esnIE1zgGY $MS $JPM $GS $BAC
The Machine
5 Oct 15 21:23:19
RT @cryptocointalk: Which #Banks Are Involved In #Bitcoin #Industry http://t.co/Tt7ktPAx4a $BCS $UBS $WFC $JPM $C $HSBC $SAN $DB #BTC #fina…
5 Oct 15 21:22:04
$FIG $GOOGL $JPM: Meet Fortress’s New Subprime-Loan Partner on Hollywood Boulevard: http://t.co/aNJfPPkNDf
  +Follow September 19, 2013 10:19AM



blog comments powered by Disqus

 Today's Must Reads

Market Got You Down?: Here Are Six Hot Stocks

Global Winners and Losers in the Oil Shakeout

This Bull Market is No Stranger to Big Fourth-Quarter Comebacks

When to Sell and When to Rent an Investment Property

Saving the Small-Cap Market


Small-cap stocks offer investors many benefits, ranging from higher growth potential to overlooked value opportuni... in Equities.com's Hangs on LockerDome

About us

Equities.com is an advanced financial data portal and social network designed to connect self-directed investors with the world’s most innovative startup and small cap companies. Through our in-depth coverage of small cap markets, comprehensive research and stock valuation reports, state of the art issuer products, and world class events, Equities.com provides the social tools and insight that drive tomorrow’s investment relationships and opportunities.

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

Login or Register