JP Morgan Settles SEC & CFTC Probes for $307 Million
JPMorgan Securities LLC and JPMorgan Chase Bank have agreed to pay $307 million to settle charges with the Securities & Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) that JPMorgan failed to tell clients that they were being steered to JPMorgan products to obtain higher fees. JPMorgan advisers apparently were given generous bonuses for steering client to invest in JPMorgan products.
From the settlement, $267 million will be used for disgorgement and civil penalties to the SEC, and the remainder will go to the CFTC to resolve its investigation into whether JPMorgan failed to disclose conflicts relating to sales of its proprietary products, including mutual funds that allowed the bank to collect higher than usual fees.
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Dimond Kaplan & Rothstein, P.A. attorneys have recovered more than $100 million from some of the largest banks and brokerage firms in the world on behalf of investment fraud victims. If you invested in a JPMorgan proprietary investment, you may have certain legal rights that require your immediate attention. Contact us to schedule an appointment or consultation today.
