who woldhave thought-- Global authorities are preparing to levy more than $700 million in fines against JPMorgan Chase over the bank’s huge trading loss in London last year — a rebuke that comes as the nation’s largest bank is confronting an onslaught of legal woes. The bank’s board is meeting on Monday and Tuesday and is likely to approve the fines, which could be announced as soon as this week, according to people briefed on the matter. The people, who were not authorized to speak publicly about the private negotiations, cautioned that the contours of the pact could still change. Article Tools Facebook Save Twitter E-mail Google+ Print Share Permalink Related Links Trading Loss: Video Video | Documents Documents | Graphic Graphic A spokesman for the bank did not immediately respond to a request for comment. The settlement will resolve investigations from across the federal government and the globe, scrutiny that began when the bank first announced the trading losses last May. The trading losses, which have swelled to more than $6 billion, were a rare misstep for a bank that emerged from the financial crisis in far better shape than its rivals. The looming settlement, according to the people briefed on the matter, will include fines from regulators like the Securities and Exchange Commission and the Office of the Comptroller of the Currency.
Posted on: Mon, 16 Sep 2013 21:55:10 +0000
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