Invoking a powerful new provision of the Dodd-Frank Act that bars reckless manipulative conduct, the U.S. Commodity Futures Trading Commission announced Wednesday it had reached a $100 million settlement with JPMorgan Chase & Co. over massive trading losses by the so-called London Whale.
October 18, 2013 at 12:00 AM
1 minute read
WASHINGTON – Invoking a powerful new provision of the Dodd-Frank Act that bars reckless manipulative conduct, the U.S. Commodity Futures Trading Commission announced Wednesday it had reached a $100 million settlement with JPMorgan Chase & Co. over massive trading losses by the so-called London Whale.
The settlement, includes a narrowly tailored admission of wrongdoing from the bank, which last week revealed it has set aside $23 billion to cover ongoing legal costs.
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