SEC Wants Admission Of Impropriety In 'London Whale' Deal

Law360, Los Angeles (August 8, 2013, 8:33 PM EDT) -- The U.S. Securities and Exchange Commission will try to seek an admission of wrongdoing from JPMorgan Chase & Co. as part of a settlement the agency expects to reach this fall over the bank's $6.2 billion “London Whale” loss, according to a Thursday report.

The SEC is about to bring civil charges against JPMorgan after more than a year of gathering evidence about the ill-fated trades by London-based employee Bruno Iksil, the New York Times reported. The bank's executives, including CEO James Dimon, would reportedly not...
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