Investment Losses Climb To $5.8B, JPMorgan Says

Law360, New York (July 13, 2012, 12:38 PM EDT) -- JPMorgan Chase & Co. announced Friday that its botched credit derivative trade made by its chief investment office had already cost the bank $5.8 billion, substantially higher than the original losses it announced on its investment portfolio in May.

The bank also was forced to restate its first quarter financial statements, lowering its earnings for the quarter by $459 million due to concerns that traders had relayed incorrect information about positions they had taken in order to reduce the quickly mounting losses.

But JPMorgan, the largest...
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