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September 20, 2013

JPMorgan admits fault, pays $920M in trading loss

(Continued)

The SEC said its $200 million penalty is one of the largest in the agency’s history. The money will go to a fund to compensate investors who were harmed by the bank’s inaccurate financial reports concerning the trading loss, the SEC said.

The nearly $1 billion in penalties levied over the London trading loss was the biggest of several regulatory actions against the bank announced Thursday.

JPMorgan was also ordered to pay $80 million in fines and about $309 million in refunds for billing customers for identity theft protection they never received. The Comptroller of the Currency and the Consumer Financial Protection Bureau said about 2.1 million credit card customers were affected by the illegal practice.

The Comptroller of the Currency also cited JPMorgan for improper practices in its collection of credit card and other consumer debts, other than mortgages. The agency also said the bank failed to fully comply with a law capping military service members’ interest on consumer loans at 6 percent a year.

JPMorgan promised to correct the problems in both those separate cases.

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