JPMorgan pays $100M, admits fault in London trades
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Washington • JPMorgan Chase & Co. has agreed to pay a $100 million penalty and admitted that it distorted prices during a series of London trades that ultimately cost the bank $6 billion in losses.
The settlement announced Wednesday by the Commodity Futures Trading Commission comes less than a month after JPMorgan agreed to pay $920 million and admit fault in a deal with the Securities and Exchange Commission and other U.S. and British regulators.
The CFTC said JPMorgan traders in London sold off a massive volume of derivatives at once, distorting market prices.