JP Morgan Faces United State Currency Trading Probe.

Posted by BankInfo on Tue, Nov 04 2014 09:08 pm

The company said the United States Division of Justice (DoJ) had launched a criminal investigation, while various other regulators are running civil investigations.

It added that feasible losses from all its the legal process can amount to $5.9 bn (£3.7 bn).

A number of various other banks, including Barclays, HSBC and also Royal Bank of Scotland, have actually just recently alloted sums to cover similar probes.

Global lenders, such as UBS and also Citigroup, are additionally being investigated over the supposed rigging of foreign-exchange rates.

In a filing with the Securities and Exchange Commission (SEC) on Monday, JP Morgan said that it was co-operating with authorities, and also currently engaged in conversations focuseded on 'Resolving Their Corresponding Investigations'.

Yet, the company included, 'There is no guarantee that such conversations will certainly lead to settlements'.

In addition to the criminal investigation by the DoJ, JP Morgan revealed it additionally encounters civil investigations by the UK's Financial Conduct Authority (FCA), the Commodity Futures Trading Commission (CFTC) & 'Other foreign Government Authorities'.

In 2013, JP Morgan Chase agreed to a document $13bn settlement with Unaited State authorities for misleading investors during the housing crisis.

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