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JP Morgan Chase Hit With $78 Million in Fines

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Europan banking authorities fined JP Morgan Chase more than $78 million for manipulating an international financial benchmark and being part of a derivatives cartel.  UBS and Credit Suisse were also fined; all agreed to settle the violations.  The securities regulator stated that all market participants are reminded that no antitrust violations will be permitted.  JP Morgan Chase was not required to admit any fault or even error in the settlement.   This fine is smaller than the fines agreed to in regard to the LIBOR interest rate setting scandal.
This matters to our clients because it is another example of how even the largest and most respected financial firms run afoul of the legal and regulatory framework.  In a world where JP Morgan Chase can be hit with a $78 million dollar fine, it is certainly possible that they gave the wrong kind of recommendations in a customer’s account.  Where a large corporation can be motivated by greed and illegally seek market advantage, there is a real possibility that the losses caused in a customer’s account may have been caused by bad advice, and the firm may be responsible.
This regulatory penalty is another reason why if you have large losses in your JP Morgan Chase brokerage account, you should have a review of your account made.  We can quickly and confidentially give you a direct opinion as to whether there is a problem.

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