WASHINGTON (AP) - JPMorgan Chase is paying $367 million to settle federal charges of failing to reveal conflicts of interest from steering clients into certain investments tied to its businesses.
The civil settlements were announced Friday by the Securities and Exchange Commission and the Commodity Futures Trading Commission. JPMorgan, the largest U.S. bank by assets, admitted wrongdoing in the settlements.
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New York-based JPMorgan is paying a $127.5 million penalty in the settlement with the SEC and another $127.5 million in restitution plus $11.8 million in interest. Under the CFTC agreement, the bank is paying a $40 million penalty and $60 million in restitution.
The regulators say JPMorgan didn't disclose to clients its preference for putting their money into hedge funds and mutual funds managed by its own affiliate.
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