The DOJ Is Conducting A Criminal Investigation Into JP Morgan's Forex Trading
Reuters
The bank gave notice of this investigation in a government filing released today.
Here's what it says:
DOJ is conducting a
criminal investigation, and various regulatory and civil enforcement
authorities, including U.S. banking regulators, the Commodity Futures
Trading Commission ("CFTC"), the U.K. Financial Conduct Authority
(the "FCA") and other foreign government authorities, are conducting civil investigations, regarding the Firm's foreign exchange ("FX") trading business. These investigations are focused on the Firm's spot FX trading activities as well as controls applicable to those activities. The Firm continues to cooperate with these investigations and is currently engaged in discussions with DOJ, and various regulatory and civil enforcement authorities, about resolving their respective investigations with respect to the Firm. There is no assurance that such discussions will result in settlements.
Since November 2013, a number of class actions have been filed in the United States District Court for the Southern District of New York against a number of foreign exchange dealers, including the Firm, for
alleged violations of federal and state antitrust laws and unjust enrichment based on an alleged conspiracy to manipulate foreign exchange rates reported on the WM/Reuters service. In March 2014,
plaintiffs filed a consolidated amended class action.
Elsewhere in the filing the bank disclosed that over the last few months there's been a heightened willingness among regulators to bring criminal charges against banks in general. It said that these investigations have "significant collateral consequences" to banks, including losing customers or getting banned from being able to sell certain products.
They're not great for stock prices either.
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market