JPMorgan Admits Guilt In $920M 'London Whale' Deal

Law360, New York (September 19, 2013, 10:09 AM EDT) -- JPMorgan Chase & Co. on Thursday admitted that its senior management did not appropriately monitor London traders and attempted to hide a $6 billion trading loss as part of a $920 million settlement with regulators in the U.S. and the U.K.

The settlement with the U.S. Securities and Exchange Commission, the Federal Reserve, the Office of the Comptroller of the Currency and the U.K. Financial Conduct Authority resolves many of the claims related to the so-called “London Whale” incident that JPMorgan revealed last year. According to...
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