September 19, 2013 |
WASHINGTON -- JPMorgan Chase & Co. has agreed to pay $389 million in refunds and penalties for illegally charging credit card customers for identity theft protection and other add-on services they didn't receive or authorize, federal regulators said Thursday. The bank already has paid the refunds -- $309 million to more than 2.1 million customers, according to the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency. In addition to agreeing formally to the refunds, JPMorgan agreed in consent orders with the agencies to pay a total of $80 million in civil penalties for the violations and fix the problems.
September 16, 2013 |
NEW YORK -- JPMorgan Chase & Co. could pay $800 million or more in penalties to settle investigations into its "London Whale" trading debacle, according to a person familiar with the bank's negotiations with regulators. The talks with four agencies were fluid and the total amount in penalties could change, said the person, who was not authorized to speak publicly. It was unclear which regulators might announce their settlements as soon as this week. The regulators in question were the Securities and Exchange Commission, the U.S. Office of the Comptroller of the Currency, the Federal Reserve and the British Financial Conduct Authority.
September 6, 2013 |
Citing a large drop-off in private student loan originations, a JPMorgan Chase & Co. spokeswoman confirmed Friday that the bank would stop issuing student loans Oct. 12. "Over the last five years, students have increasingly relied on government-backed loans," said spokeswoman Trish Wexler. As a result, "we no longer see meaningful growth in this market," she said. PHOTOS: The costliest bank failures The lender had already started scaling back its student loan business.
August 21, 2013 |
NEW YORK -- JPMorgan Chase & Co. may have settled with federal energy regulators, but the FBI has opened its own investigation into the bank's role in California's electricity market. The FBI has launched a criminal probe into allegations at the heart of a case settled between JPMorgan and the Federal Energy Regulatory Commission last month, according to a person briefed on the matter who was not authorized to speak publicly. It was not clear when the criminal probe began and how, or if, it may have progressed.
August 14, 2013 |
NEW YORK - The bank's infamous "London whale" trades involved complex financial products, but prosecutors alleged that a cover-up by former JPMorgan Chase & Co. employees involved simple lies. The accusation was part of criminal charges filed against two mid-level JPMorgan employees accused of hiding massive trading losses, which ultimately cost the nation's largest bank more than $6 billion and rekindled fears of the financial crisis. Jamie Dimon, the bank's outspoken chief executive who has served as Wall Street's unofficial spokesman, initially called the losses a "tempest in a teapot" in early 2012.
August 7, 2013 |
JPMorgan Chase & Co. disclosed that it may become the latest giant bank to face a Justice Department lawsuit over bonds backed by housing-boom loans, and said a parallel criminal investigation is continuing. Federal prosecutors believe that JPMorgan Chase, the nation's largest bank, violated securities law in its sale of bonds backed by subprime and other high-risk mortgages, the bank said Wednesday in a Securities and Exchange Commission filing....
August 5, 2013 |
California-based Edison International has acquired solar developer SoCore Energy in a move that will expand the utility company's ability to install and operate rooftop solar installations for commercial and industry customers. Edison said the Chicago-based SoCore will become a wholly-owned subsidiary. Details of the deal were not disclosed, although Editon noted in its public filings that regulatory approval was needed for purchases that were more than $10 million. Bert Valdman, senior vice president of strategic planning at Edison International, said that SoCore has an "impressive client base and pipeline of solar projects with large retailers and other businesses.
August 1, 2013 |
Bolstered by the success of new technology, U.S. oil reserves surged by 15% in 2011 to the highest level recorded since 1985, a report said. Proved oil reserves jumped by a record 3.8 billion barrels to 29 billion barrels, the third annual increase, according to the U.S. Energy Information Administration. About 3.6 billion barrels of that comes from so-called "tight" oil plays, which often require the kind of new technology that has unlocked previously inaccessible reserves. Adam Sieminski, administrator at the energy agency, said horizontal drilling and hydraulic fracturing, known as fracking, has "continued to increase oil and natural gas reserves.
July 31, 2013 |
The egregiously light wrist-slap that federal regulators gave to JPMorgan Chase & Co. over its $125-million rip-off of California consumers has drawn the attention of Sen. Elizabeth Warren (D-Mass). The first-term senator, who has already made a mark in Washington for her no-nonsense questioning of financial regulators, has asked the Federal Energy Regulatory Commission to justify its settlement -- a $410-million penalty that includes no criminal referrals, even though FERC identified three energy traders and a top JPMorgan executive whose fingerprints were all over the scheme.