CFTC Mimics SEC Policy Shift With JPMorgan 'Whale' Pact
Law360, New York (October 16, 2013, 7:47 PM EDT) -- With the U.S. Commodity Futures Trading Commission on Wednesday forcing JPMorgan Chase & Co. to admit fault over its $6 billion “London Whale” loss, attorneys say the agency may follow the U.S. Securities and Exchange Commission’s lead and drive a harder bargain in settlement talks.
JPMorgan agreed to pay $100 million and admitted that its traders “acted recklessly” on one day during the trading blowup “by employing an aggressive trading strategy” in the credit-default swap market. The settlement comes after JPMorgan struck a $920 million pact with the SEC and other U.S. and U.K. regulators, admitting that senior managers failed to...
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