JPM

JPMORGAN CHASE & CO

114.7500
USD
-0.02%
114.7500
USD
-0.02%
88.0800 119.3300
52 weeks
52 weeks

Mkt Cap 406.27B

Shares Out 3.47B

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JPMorgan to pay $150M in 'London Whale' U.S. class action

JPMorgan Chase & Co has agreed to pay $150 million to resolve a securities fraud lawsuit by investors suing the bank over its "London Whale" trading scandal, which caused a $6.2 billion loss.

The settlement was disclosed in papers filed on Friday in federal court in Manhattan and would resolve a class action lawsuit filed in the wake of the scandal that emerged in 2012.

The lawsuit stemmed from oversight by JPMorgan's Chief Investment Office of a synthetic credit portfolio that caused the $6.2 billion loss and was linked to traders in the bank's London office including Bruno Iksil, the so-called London Whale.

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