J.P. Morgan to pay $920 million to DoJ after probe of precious metals and Treasury trading
J.P. Morgan Chase & Co. said Tuesday it has agreed to pay $920 million in a deferred prosecution agreement with the Department of Justice, as part of an agreement with regulators after a probe of trading practices by former employees in the precious metals and U.S. Treasurys markets. "The conduct of the individuals referenced in today's resolutions is unacceptable and they are no longer with the firm," said Daniel Pinto, co-president of JPMorgan Chase and CEO of the Corporate & Investment Bank. The agreement fully resolves investigations that were carried out by the DOJ, Commodity Futures Trading Commission and the Securities & Exchange Commission of trades made between 2008 and 2016. J.P. Morgan shares were down 1.4% Tuesday, and have fallen 32% in the year to date, while the Dow Jones Industrial Average has fallen 3% and the S&P 500 has gained 3%.
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