LexisNexis® Legal Newsroom
JPMorgan Agrees To Pay Nearly $700M To Settle Claims With Lehman Brothers

NEW YORK - (Mealey's) JPMorgan Chase Bank NA on Feb. 1 agreed to pay nearly $700 million to bankrupt Lehman Brothers Holdings Inc. (LBHI) that JPMorgan had been previously paid for "purportedly secured claims against LBHI on the basis that, as 'affiliates' of JPMorgan Chase Bank,...

JPMorgan Chase and Compliance Risk

Most of the business news over the past few days has been dominated by JPMorgan Chase & Co (JPM) and its announced $2.3 billion trading loss. Early on there was focus on JPM's trading operations in London as the cause of this massive loss and even one trader, nicknamed the "London Whale"...

Lawsuit Against JPMorgan Chase Alleges 'False And Misleading Statements' Regarding Securities Trading

In the wake of JPMorgan Chase's startling news last week of its $2 billion trading loss, and of the equaling startling statements of Jamie DImon, the bank's CEO, that the losing trades were, among other things, "flawed, complex, poorly reviewed, poorly executed, and poorly monitored,"...

NY Appellate Court: Excess Insurers Off the Hook Where It Can't Be Determined if Underlying Insurance Exhausted

In the latest of what is now a lengthening line of cases, on June 12, 2012, the New York Supreme Court, Appellate Division, First Department, applying Illinois law, ruled in a coverage case brought by JPMorgan Chase that owing to settlements by underlying carriers in a professional liability insurance...

MF Global SIPA Trustee, JPMorgan Reach Deal to Return $300M to Customers

NEW YORK - (Mealey's) The Securities Investor Protection Act (SIPA) trustee in the MF Global Inc. (MFGI) bankruptcy on March 19 announced that he had reached a settlement agreement with JP Morgan Chase Bank N.A. that will return $300 million to commodities customers who had money invested with...

MF Global SIPA Trustee, JPMorgan Reach Settlement That Will Return $300 Million To Commodities Customers

NEW YORK - (Mealey's) The Securities Investor Protection Act (SIPA) trustee in the MF Global Inc. (MFGI) bankruptcy on March 19 announced that he had reached a settlement agreement with JP Morgan Chase Bank N.A. that will return $300 million to commodities customers who had money invested with MFGI...

JPMorgan Chase, And Dimon, Starting To Sweat About Everything

I put two new columns up at Forbes recently that talk about JPMorgan, PwC, Senator Levin's "Whale" hearings, and all the other stuff JPMorgan and Jamie Dimon are really worried about. The New York Times had an interesting scoop about JPMorgan and Deloitte and the foreclosure reviews...

A Closer Look at JP Morgan's $920 Million "London Whale" Regulatory Settlements

As part of its September 19, 2013 entry into a total of $920 million in regulatory settlements related to the “London Whale” trading loss debacle, and as part of the SEC’s new policy requiring admissions of wrongdoing in certain “egregious” cases, JP Morgan provided the...

Chase to Pay $389M to Settle Credit Card Fees Allegations

WASHINGTON, D.C. — (Mealey’s) JPMorgan Chase & Co. (Chase) on Sept. 19 agreed to pay $80 million in fines to settle allegations by the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) that it charged customers additional fees for credit card...

Whale

whale tail London whale JPMorgan Chase

Could JP Morgan Face Criminal Charges For Role in Madoff Ponzi Scheme?

In an unprecedented move, federal authorities are reportedly weighing the filing of criminal charges against financial behemoth JP Morgan for its role in Bernard Madoff's massive Ponzi scheme. According to the New York Times, both the Federal Bureau of Investigation and the U.S. Attorney's Office...

JPMorgan Offers $4.5 Billion Settlement to Mortgage-Backed Securities Trustees

NEW YORK — (Mealey’s) JPMorgan Chase & Co. will issue a binding offer to the trustees of 330 residential mortgage-backed securities (RMBS) trusts that were issued by J.P. Morgan Chase and Bear Stearns, after reaching a $4.5 billion agreement with 21 institutional investors, according...

JPMorgan Chase Reaches Record $13 Billion Mortgage-Backed Securities Settlement

JPMorgan Chase has reached a $13 billion settlement with regulators – the largest settlement with a single entity ever. The agreement resolves federal and state civil claims arising out of the packaging, marketing, sale, and issuance of residential mortgage-backed securities (RMBS) by JPMorgan...

Justice Department Reaches Record $13B Settlement with JPMorgan

WASHINGTON, D.C. — (Mealey’s) In what it is calling the largest settlement with a single entity in American history, the U.S. Department of Justice announced in a press release on Nov. 19 that it has reached a $13 billion settlement with JPMorgan to settle state and federal civil claims that...

3 Key Takeaways from the $13 Billion JPMorgan Settlement, and What It Means for the Future of Financial Fraud Cases

The record $13 billion mortgage-backed securities settlement that JPMorgan Chase just reached with federal and state regulators will be analyzed, reviewed, studied, and explored for quite some time to come. Here are three key takeaways the day after the settlement terms became final, focusing especially...

One Bank’s $4 Billion Litigation Loss Cuts All Banks’ Third Quarter Earnings. Can You Say JPMorgan Chase?

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $36.0 billion in the third quarter of 2013. That’s a lot of money, but it also is a $1.5 billion (3.9 percent) decline from the $37.5 billion in profits that the...

8 Banks Fined $2.3 Billion by European Commission in ‘Shocking’ Interest Rate Scandal

The European Commission has fined eight international financial institutions – including Citigroup and JPMorgan Chase – a total of €1,712,468, 000 (approximately US$2.3 billion) for allegedly participating in illegal cartels in markets for financial derivatives covering the European...

The ‘B’ Word is #5 in Financial Fraud Law for the Year

Consider these recent financial fraud-related settlements: - SAC Capital Pleads Guilty to Insider Trading and Will Pay $1.8 Billion; - Johnson & Johnson to Pay More than $2.2 Billion to Resolve Criminal and Civil Investigations; - Rabobank Admits Wrongdoing in Libor Investigation, Agrees...

4 Keys to JPMorgan’s Expected Madoff Deal

Here are the four key elements of JPMorgan Chase’s likely settlement with federal prosecutors over charges against the bank relating to the Bernard Madoff Ponzi scheme: The bank will pay $2 billion to settle civil charges and criminal charges under the Bank Secrecy Act; A portion –...

JPMorgan’s $1.7 Billion Payment to Go to Madoff Victims

One of the very interesting aspects of the $2.05 billion settlement reached by J.P.Morgan Chase with federal prosecutors over the bank’s violation of the Bank Secrecy Act for failing to exercise proper oversight of Bernard Madoff’s business is what the government is planning to do with the...

JPMorgan to Pay Record $1.7B to Settle Claims It Failed to Report Madoff Fraud

NEW YORK — (Mealey’s) JPMorgan Chase Bank NA has agreed to a civil forfeiture of a record $1.7 billion to settle claims that it violated provisions of the Bank Secrecy Act during its time as the primary bank for Bernard L. Madoff’s massive Ponzi scheme, according to information released...

A Pretty Good Couple of Days for Madoff Victims, Courtesy of JPMorgan

It has been a pretty good couple of days for Madoff victims. J.P.Morgan Chase reached a $2.05 billion settlement with federal prosecutors over its failure to properly exercise oversight of Bernard Madoff and his operations; $1.7 billion of that is expected to go directly to Madoff victims. And...

Do We Need a ‘Truth in Settlements Act’? Two Senators Say Yes

On the heels of J.P.Morgan Chase’s $2.05 billion settlement with federal prosecutors over its oversight of Bernard Madoff’s operations , U.S. Senators Elizabeth Warren (D-MA) and Tom Coburn (R-OK) have introduced bipartisan legislation, the “Truth in Settlements Act,” that they...

Jamie Dimon Got a Big Raise, and Elizabeth Warren Is Very Upset

What does JPMorgan Chase’s $13 billion settlement with the Justice Department have to do with the 74 percent raise it just gave to its CEO, Jamie Dimon? If you are Elizabeth Warren, a lot. The Massachusetts Senator is suggesting that Dimon received his raise for negotiating that settlement,...

If You Thought that JPMorgan Chase Was Finished Settling, Think Again. Now, It Pays $614 Million to Resolve More Mortgage Loan Charges

JPMorgan Chase has reached yet another settlement with federal prosecutors. Now, it will pay $614 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting non-compliant mortgage loans submitted for insurance coverage and guarantees by the Department...