JPMorgan Chase to pay $920 million to resolve US investigations into trading practices

JPMorgan Chase to pay $920 million to resolve US investigations into trading practices

JPMorgan Chase CEO Jamie Dimon speaks at the North America’s Building Trades Unions (NABTU) 2019 legislative conference in Washington, April 9, 2019.

Jeenah Moon | Reuters

JPMorgan Chase is set to pay $920 million to resolve probes from three U.S. government agencies over its role in the alleged manipulation of metal and Treasurys markets.

The figure was released Tuesday by the Commodity Futures Trading Commission in a statement from commissioner Dan Berkovitz. Last week, news reports indicated that the New York-based bank was nearing a settlement of almost $1 billion.

“For eight years, a group of traders at JPMorgan systematically `spoofed’ precious metals and Treasury futures markets by entering hundreds of thousands of orders with the intent to cancel them before execution,” Berkovitz said. “The Commission’s Order finds that JPMorgan manipulated these markets and failed to diligently supervise its traders.”

This story is developing. Please check back for updates.

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