JPMorgan Admits Wrongdoing, Fined $100 Million


0  Updated at 1:53 pm, October 16th, 2013 By: ABC Digital
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MICHAEL KAPPELER/AFP/Getty Images(NEW YORK) — JPMorgan Chase has agreed to pay a $100 million penalty to settle claims of reckless conduct brought by the Commodity Futures Trading Commission.

The bank has also agreed to admit it did something wrong before it suffered a $6 billion trading loss that originated in its London office. The bank admits now that traders there “acted recklessly.”

Prior settlements focused on oversight and controls. Two former London-based employees are facing criminal charges.

Copyright 2013 ABC News Radio

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