UK Fines JPMorgan Record $49M For Mixing Client Funds

Law360, New York (June 3, 2010, 10:14 AM EDT) -- The U.K. Financial Services Authority has slammed JPMorgan Chase & Co. with a fine of £33 million ($48.9 million), the largest the regulator has ever levied, for failing to treat its clients' money separately from the firm's own.

The regulator announced the fine Thursday, saying J.P. Morgan Securities Ltd. failed to segregate client money held by its futures and options business with JPMorgan Chase Bank NA.

Without the firm's 30 percent settlement discount, the fine would have been £47.6 million, the FSA said. JPMSL agreed to...
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