Two subsidiaries of JPMorgan have agreed to pay over $151 million to settle a series of charges by the U.S. Securities and Exchange Commission (SEC) related to client dealings and transaction processing. The SEC announced that JPMorgan Securities and JPMorgan Investment Management have consented to this payment, which includes fines and investor compensation, to resolve four civil cases. Additionally, the securities unit reached a fifth settlement without any financial penalty, as the SEC acknowledged its cooperation and remedial actions.
The charges against JPMorgan involve allegations that the company or its employees misled clients or directed them towards purchasing investment products despite the availability of more cost-effective options. In the settlement, JPMorgan did not admit or deny any wrongdoing.
A spokesperson for JPMorgan stated that the company identified and addressed the issues and collaborated with regulators to resolve their concerns.
