JPMorgan to pay US$151 million to settle slate of SEC complaints

TWO JPMorgan Chase & Co. subsidiaries agreed to pay more than US$151 million to settle a series of Securities and Exchange Commission claims faulting their handling of clients and certain transactions.

JPMorgan Securities and JPMorgan Investment Management agreed to make the payments — including penalties and relief paid to investors — to resolve four civil cases, the agency said in a statement on Thursday. The securities unit also settled a fifth without a financial sanction as the agency credited its cooperation and remedial actions. 

The claims include allegations that JPMorgan or its staff misled customers or steered them into investment products when cheaper options were available. The company didn’t admit or deny wrongdoing while settling.

“JPMorgan’s conduct across multiple business lines violated various laws designed to protect investors from the risks of self-dealing and conflicts of interest,” Sanjay Wadhwa, acting director of the regulator’s enforcement division, said in the statement. “JPMorgan is being held accountable for its regulatory failures.”

JPMorgan identified and fixed issues and worked with regulators to resolve concerns, a company spokesperson said in an emailed statement.

“JPMorgan Chase strives to uphold the highest standards in client service around the world,” the spokesperson said. “We are pleased to have these matters resolved and remain dedicated to delivering an exceptional experience for our clients.” BLOOMBERG