JPMorgan Shells Out $384M In American Century Arbitration

Law360, New York (March 22, 2012, 10:30 PM EDT) -- JPMorgan Chase & Co. has paid $384 million to Missouri-based American Century Investment Management Inc. after arbitrators found it had violated a purchase agreement for a retirement plan services business, JPMorgan said Thursday.

A panel of the American Arbitration Association said in August that JPMorgan had promoted its own funds at the expense of American Century funds.

"JPMorgan breached the contract over and over again. ... Evidence that compels this finding and conclusion of the one-sided sales and marketing support given to JPMorgan Asset Management and...
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