CFTC Settles Charges Against JPMorgan Chase for “London Whale” Swaps

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On October 16, CFTC brought and settled charges of employing a manipulative device in connection with the JPMorgan Chase trading of certain credit default swaps (CDS), in violation of the new Dodd-Frank prohibition against manipulative conduct. JPMorgan admitted fault and will pay a $100 million civil penalty. Release. Order.

Topics:  CFTC, Civil Monetary Penalty, Compliance, Credit Default Swaps, Dodd-Frank, Enforcement Actions, JPMorgan Chase, London Whale, Settlement

Published In: Business Torts Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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