JPMorgan Chase & Co. may be required to admit wrongdoing to settle U.S. Securities and Exchange Commission charges over its "London Whale" trading losses, but the agency on Tuesday made it clear that no admit, no deny settlements are still the norm.
The SEC announced it settled 22 cases with firms accused of short selling, and each settlement [PDF] contained the same language: the respondent agrees to settle “without admitting or denying the findings herein, except as to the Commission’s jurisdiction over it and the subject matter of these proceedings.”
