JPMorgan Threads Needle With Careful 'Whale' Admission

Law360, New York (September 19, 2013, 8:38 PM EDT) -- Although JPMorgan Chase & Co. admitted to a series of errors as part of Thursday's $920 million settlement with U.S. and U.K. regulators over the "London Whale" trading disaster, the bank avoided any admissions that could assist shareholders or other regulators in their push for accountability for the losses.

In the settlement, JPMorgan admitted that its senior management did not have proper controls in place to make sure traders in its Chief Investment Office were properly valuing the suspect portfolio, and then did not inform the...
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