{"id":5509,"date":"2013-09-17T00:00:00","date_gmt":"2013-09-17T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/09\/jpmorgan_could_settle_london_w"},"modified":"2022-05-05T08:41:59","modified_gmt":"2022-05-05T13:41:59","slug":"jpmorgan-could-settle-london-w","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-could-settle-london-w\/","title":{"rendered":"JPMorgan Could Settle \u201cLondon Whale\u201d Fiasco for $800M"},"content":{"rendered":"\n

According to a source knowledgeable about negotiations, JPMorgan Chase & Co. (JPM) <\/a>could pay at $800 million in penalties in the investigations conducted by regulators over the \u201cLondon Whale\u201d trading scandal. The regulators are the Federal Reserve, the Securities and Exchange Commission, the British Financial Conduct Authority, and the US Office of the Comptroller Currency. The announcement of the settlement is expected shortly.<\/p>\n

The trading fiasco involved JPMorgan trading in complex derivatives<\/a>, which were amassed by a trader who was dubbed the London Whale. Traders are accused of betting on credit derivatives, which let them wager on the supposed health of certain companies. Authorities contend that when the positions began to go bad, the traders valued them in a way that was too positive. The trades would cost the financial firm over $600 billion. <\/p>\n

Following the debacle, the bank said that it made changes to internal controls. JPMorgan maintains that it was the one that detected the traders\u2019 questionable activities and notified the authorities. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to a source knowledgeable about negotiations, JPMorgan Chase & Co. (JPM) could pay at $800 million in penalties in the investigations conducted by regulators over the \u201cLondon Whale\u201d trading scandal. The regulators are the Federal Reserve, the Securities and Exchange Commission, the British Financial Conduct Authority, and the US Office of the Comptroller Currency. 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