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Response to Tansy_Gold (Original post)

Mon Sep 16, 2013, 10:59 PM

5. JPMorgan expects to settle Whale probes for about $700 million

http://news.yahoo.com/jpmorgan-expects-settle-whale-probes-700-million-source-001529554--sector.html

JPMorgan Chase & Co is close to settling civil law investigations into its London Whale derivatives loss and expects to pay about $700 million, according to a source familiar with the matter. Completion of the deal depends on coordinating agreements with multiple government agencies, said the source who was not authorized to speak publicly about the matter. The source spoke after Bloomberg News and the Wall Street Journal reported on Monday that JPMorgan has agreed with regulators on how much it will pay...



The settlements the company expects soon would be over civil law issues with the U.S. Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Reserve and the United Kingdom's Financial Conduct Authority, the source said. JPMorgan has been pushing for weeks to resolve the company's liability to regulators. News of an imminent settlement came on a day the company's board of directors planned to meet.

The bank is trying to mend its relationships with regulators after surprising them with the derivatives loss at a time when Chief Executive Jamie Dimon was complaining that the regulators were going too far with reforms to avert another financial crisis.

The company recently said it would record more than $1.5 billion of additional legal expenses in the third quarter.

JPMorgan shares rose 1 percent on Monday to close at $53.14. Last year, just before JPMorgan acknowledged that it was losing billions of dollars are on the derivatives, the stock traded around $41.

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