JPMorgan Chase’s Rap Sheet

[Gunnar Larson]

https://wallstreetonparade.com/12259-2/

*JPMorgan Chase’s Rap Sheet*

*(Highlights)*

April 21, 2011, JPMorgan Chase agreed to settle a civil lawsuit
<https://webcache.googleusercontent.com/search?q=cache:CfSUwB2l7yoJ:https://www.bloomberg.com/news/articles/2011-04-21/jpmorgan-chase-settles-military-mortgage-overcharging-suit-for-56-million+&cd=3&hl=en&ct=clnk&gl=us>
and
pay $56 million to settle claims that it overcharged members of the
military service on their mortgages in violation of the Service Members
Civil Relief Act and the Housing and Economic Recovery Act of 2008.

February 7, 2012, JPMorgan Chase agreed to pay $110 million
<https://www.reuters.com/article/us-jpmorgan-overdraft-settlement/jpmorgan-settles-overdraft-fee-case-for-110-million-idUSTRE8161CR20120207>
to
settle consumer litigation that claimed it overcharged customers for
overdraft fees.

February 9, 2012, JPMorgan Chase reaches an agreement with the OCC
<https://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-20.html>
to
pay $113 million for unsafe and unsound mortgage servicing and foreclosure
practices.

August 10, 2012, JPMorgan Chase agreed to pay $1.2 billion
<https://webcache.googleusercontent.com/search?q=cache:Haiu_nV-yUcJ:https://www.americanbanker.com/news/jpmorgan-says-credit-card-swipe-fee-case-cost-it-12-billion+&cd=1&hl=en&ct=clnk&gl=us>
to
settle claims that it, along with other banks, conspired to set the price
of credit and debit card fees.

November 16, 2012, JPMorgan Chase agreed to pay $296.9 million to the SEC
<https://www.sec.gov/news/press-release/2012-2012-233htm> to settle claims
that it misstated information about the delinquency status of its
residential mortgage portfolio.

July 2013, a unit of JPMorgan Chase agreed to pay $410 million
<https://webcache.googleusercontent.com/search?q=cache:qsHNf-iV-3QJ:https://www.washingtonpost.com/business/economy/jpmorgan-chase-subsidiary-to-pay-410m-penalty-in-electricity-pricing-scheme/2013/07/30/1c524880-f91d-11e2-afc1-c850c6ee5af8_story.html+&cd=3&hl=en&ct=clnk&gl=us>
to
the Federal Energy Regulatory Commission to settle claims of bidding
manipulation of California and Midwest electricity markets.

September 19, 2013, JPMorgan Chase agreed to pay
<https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-chase-and-jpmorgan-chase-to-pay-309-million-refund-for-illegal-credit-card-practices/#:~:text=WASHINGTON%2C%20D.C.%20%E2%80%94%20The%20Consumer%20Financial,for%20illegal%20credit%20card%20practices.>
$80
million in combined fines to the Consumer Financial Protection Bureau
(CFPB) and Office of the Comptroller of the Currency (OCC) and $309 million
in refunds to customers whom the bank billed for credit monitoring services
that the bank never provided.

September 19, 2013, JPMorgan Chase agreed to pay $920 million
<https://money.cnn.com/2013/09/19/investing/jpmorgan-london-whale-fine/index.html>
to
U.S. and U.K. regulators for its unsafe and unsound banking practices in
using bank depositors’ money to trade in derivatives in London. It lost at
least $6.2 billion in the trades. This was known as the “London Whale”
scandal.

November 15, 2013, JPMorgan Chase announced that it had agreed to pay $4.5
billion
<https://webcache.googleusercontent.com/search?q=cache:MYOnVBZWdV4J:https://dealbook.nytimes.com/2013/11/15/jpmorgan-reaches-4-5-billion-settlement-with-investors/+&cd=3&hl=en&ct=clnk&gl=us>
to
settle claims by private investors that it defrauded them in
mortgage-backed securities.

November 19, 2013, JPMorgan agreed to pay $13 billion
<https://www.justice.gov/opa/pr/justice-department-federal-and-state-partners-secure-record-13-billion-global-settlement>
to
settle claims by the Department of Justice; the FDIC; the Federal Housing
Finance Agency; and various State Attorneys General over its fraudulent
practices with respect to mortgage-backed securities. JPMorgan acknowledged
it made serious misrepresentations to the public.

December 4, 2013, JPMorgan Chase agreed to pay 79.9 million Euros
<https://money.cnn.com/2013/12/04/news/companies/libor-europe-fines/?iid=EL> to
settle claims of the European Commission relating to illegal rigging of
benchmark interest rates.

In December 2013, JPMorgan Chase agreed to pay $22.1 million
<https://www.classaction.org/blog/22m-settlement-reached-in-chase-force-placed-insurance-suit>
to
settle claims that the bank imposed expensive and unnecessary flood
insurance on homeowners whose mortgages the bank serviced.

January 7, 2014 the U.S. Department of Justice charged JPMorgan Chase with
two criminal counts
<https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-and-fbi-assistant-director-charge-announce-filing-criminal>
for
its banking conduct in the Bernard Madoff Ponzi scheme. The bank admitted
to the charges; agreed to pay $1.7 billion to a Madoff victim fund and
agreed to a Deferred Prosecution Agreement.

May 20, 2015, JPMorgan Chase pleaded guilty to one criminal count
<https://www.justice.gov/opa/pr/five-major-banks-agree-parent-level-guilty-pleas>
brought
by the U.S. Department of Justice for its role with other banks in rigging
the foreign exchange market. The bank agreed to a fine of $550 million.

December 18, 2015 the bank agreed to charges by the SEC
<https://www.sec.gov/news/pressrelease/2015-283.html> that it had steered
its customers into in-house products where it reaped higher profits without
disclosing this conflict to the customer. It paid $267 million to settle
these charges.

On January 20, 2017 JPMorgan Chase agreed to pay $53 million to settle
charges that it had discriminated
<https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-settles-lending-discrimination-suit-against-jpmorgan-chase-53>
against
minority borrowers by charging them more for a mortgage than white
customers.

October 2018 JPMorgan Chase agreed to pay $5.3 million to settle U.S.
Treasury allegations that “it violated Cuban Assets Control Regulations,
Iranian sanctions and Weapons of Mass Destruction sanctions 87 times,”
according
to Reuters
<https://www.reuters.com/article/us-jpmorgan-sanctions/j-p-morgan-to-settle-allegations-of-violating-sanctions-u-s-treasury-idUSKCN1MF1UE>
.

December 26, 2018 JPMorgan Chase settled claims with the SEC for $135
million
<https://www.marketwatch.com/story/jpmorgan-chase-settles-sec-claims-for-135-million-2018-12-26>
over
charges that it had improperly handled thousands of transactions involving
the shares of foreign companies.

May 16, 2019, JPMorgan Chase settled charges for 228.8 million Euros
<https://webcache.googleusercontent.com/search?q=cache:4Sz4v2DC2Z0J:https://www.bloomberg.com/news/articles/2019-05-16/citigroup-jpmorgan-among-banks-fined-1-2-billion-in-fx-probe+&cd=3&hl=en&ct=clnk&gl=us>
with
the European Commission that it rigged the foreign exchange market. (Other
banks were also fined.)

September 16, 2019, the U.S. Department of Justice indicted
<https://www.justice.gov/opa/pr/current-and-former-precious-metals-traders-charged-multi-year-market-manipulation>
two
current and one former precious metals traders at JPMorgan Chase for
turning the precious metals desk at the bank into a “racketeering”
enterprise.

September 29, 2020, the U.S. Department of Justice brings two counts of
wire fraud
<https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us>
against
JPMorgan Chase involving “tens of thousands of episodes of unlawful trading
in the markets for precious metals futures contracts, and the second
involving thousands of episodes of unlawful trading in the markets for U.S.
Treasury futures contracts and in the secondary (cash) market for U.S.
Treasury notes and bonds.” The bank admits to the charges and agrees to pay
$920 million in fines and restitution to various regulators.

December 17, 2021, the securities unit of JPMorgan Chase admits its traders
and their supervisors were using personal communications devices to conduct
company business. The firm failed to record and retain messages from these
devices as required under the law. These violations occurred despite
similar conduct in the bank’s participation in the rigging of the foreign
exchange market, where traders used unauthorized electronic chat rooms,
called “The Cartel” and “The Mafia.” That case brought a criminal felony
charge against the bank by the Justice Department in May of 2015. In the
current case, the SEC fined the firm $125 million
<https://www.sec.gov/news/press-release/2021-262>.

-- 
*Gunnar Larson - xNY.io <http://www.xNY.io> | Bank.org <http://Bank.org>*
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+1-646-454-9107
New York, New York 10001
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