JPMorgan whistle-blowers reaping record US$61m bounty

Washington

TWO whistle-blowers are set to share a record US$61 million award from the Securities and Exchange Commission for helping make the case that JPMorgan Chase & Co failed to disclose to wealthy clients that it was steering them into investments that would be most profitable for the bank.

The SEC issued letters on Wednesday notifying six whistle-blower applicants of the preliminary decision. The letters said that two of them would share almost a quarter of the record asset-management settlement that the SEC reached with the bank in December 2015.