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JPMorgan to pay over US$300m in penalties

Bank admits it didn't tell customers about conflicts of interest in how it handled their money from 2008 to 2013

The SEC said JPMorgan failed to tell customers that it reaped profits by putting their money into mutual funds and hedge funds that generated fees for the company. The US$307 million in fines and disgorgements accounts for just over 1% of the company's annual operating profits.

New York

JPMORGAN Chase & Co will pay more than US$300 million to settle US allegations that it didn't properly inform clients about what the Securities and Exchange Commission (SEC) called numerous conflicts of interest in how it managed customers' money over a half decade.