Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
JPMorgan sues Tesla over warrants
Lawsuit filed
JPMorgan filed suit against Tesla over a dispute concerning the repricing of warrants. JPMorgan alleges that Tesla breached the contract; the complaint seeks $162.2 million plus interest, attorneys' fees and expenses.
Source excerpt
JP Morgan Chase (JPM) has filed a lawsuit against EV giant Tesla Inc (TSLA) for $162.2 million for breach of warrants sold to JPM by Tesla back in 2014.
JP Morgan Chase filed suit against electric vehicle maker Tesla in a dispute over warrants, according to court filings out Monday.
Tesla accused JPMorgan of being 'unreasonably swift and represented an opportunistic attempt to take advantage of changes in volatility in Tesla's stock.'
2020
Spoofing and market-manipulation enforcement
U.S. authorities alleged that traders associated with JPMorgan Chase used spoofing and related deceptive practices in precious-metals and Treasury markets. The company agreed to penalties and acknowledged misconduct.
2020
Ten banks sued over alleged corporate bond market price coordination
Lawsuit filed
A class action lawsuit was filed in Manhattan federal court against ten banks, including JPMorgan Chase and Bank of America. The complaint alleged that the banks conspired over nearly 14 years to manipulate prices in the $9.6 trillion corporate bond market. These are allegations in the complaint, not a court finding.
Company response
Investigation — JPMorgan Chase
We take this matter very seriously and are investigating the situation.
Apology — JPMorgan Chase
We have reached out to Dr. Mitchell-Stewart to better understand what happened and apologize for her experience.
Source excerpt
周二在曼哈顿联邦法院提起的集体诉讼称，这些银行自2006年8月以来违反了反垄断法，在“零股”交易中向投资者收取过高费用。
摩根大通和美国银行在内的10家全球最大银行，于当地周二在曼哈顿联邦法院被起诉，因其涉嫌在近14年时间里串谋操纵9.6万亿美元公司债市场的价格，令普通投资者损失数十亿美元。
Dr. Malika Mitchell-Stewart, 34, recently completed her residency and was excited to open an account on Dec. 18. with a $16,780.16 signing bonus check from Valley Oaks Medical Group, according to the lawsuit filed Wednesday against JPMorgan Chase and two of its employees at a branch in Sugar Land.
2020
JPMorgan Chase Bank agrees to $250 million penalty over internal controls
Fine or penalty
JPMorgan Chase Bank, a unit of JPMorgan Chase & Co., agreed to pay a $250 million penalty over failures to maintain adequate internal controls and internal audit over its fiduciary business. The OCC said the deficiencies constituted unsafe or unsound practices and that the bank had remediated them.
Company response
Remediation — JPMorgan Chase Bank
The bank has remediated the deficiencies that led to this action.
Source excerpt
JPMorgan Chase Bank, N.A., a unit of JPMorgan Chase & Co., has agreed to pay $250 million penalty over the bank's failure to maintain adequate internal controls and internal audit over its fiduciary business.
These deficiencies constituted unsafe or unsound practices and resulted in a violation of 12 CFR 9.9, which requires a suitable audit over all significant fiduciary activities.
2020
OCC fines JPMorgan Chase $250 million over advisory-business controls
Fine or penalty
The Office of the Comptroller of the Currency said JPMorgan Chase will pay a $250 million fine over deficient risk management practices and conflicts of interest in its advisory business. The OCC said JPMorgan did not admit guilt; its order said the deficiencies leading to the fine had been fixed.
Company response
Remediation — JPMorgan
JPMorgan has fixed the deficiencies that led to the fine, the order said.
Source excerpt
JPMorgan Chase will pay a $250 million fine for poor risk management practices and conflicts of interest in its advisory business, the Office of the Comptroller of the Currency said Tuesday.
JPMorgan has fixed the deficiencies that led to the fine, the order said.
Indeed, “the OCC found the bank’s risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of interest,” the agency said in a news release announcing the civil money penalty.
2020
Report alleges US financial firms funded Amazon-linked abuses
Issue disclosure
A report by Amazon Watch and the Association of Brazil's Indigenous Peoples alleged that six US financial firms invested more than US$18 billion over three years in companies involved in abuses in the Amazon, including environmental destruction and indigenous rights violations. The report named BlackRock, Citigroup, JPMorgan Chase, Vanguard, Bank of America and Dimensional Fund Advisors; BlackRock said it engages with companies on ESG risks and takes voting action when needed.
Company response
Denial — BlackRock
Financial firms investing in them also denied wrongdoing.
Clarification — BlackRock
We engage with companies on these and other ESG (environmental, social and governance) risks, and where they are not being appropriately managed or progress is not sufficient, we (as shareholders) take voting action against management
Source excerpt
Financial firms investing in them also denied wrongdoing.
We engage with companies on these and other ESG (environmental, social and governance) risks, and where they are not being appropriately managed or progress is not sufficient, we (as shareholders) take voting action against management
Major US financial firms are helping fund environmental destruction and indigenous rights abuses in the Amazon with billions of dollars in investments in questionable companies, according to a report published on Tuesday.
2020
JPMorgan Chase agrees to $920 million settlement over market manipulation
Settlement
JPMorgan Chase agreed to pay $920 million to settle US civil and criminal charges over fake trades designed to manipulate precious metals and Treasury markets. The agreement resolved criminal fraud charges and civil charges brought by US agencies.
Company response
Remediation — JPMorgan Chase
Besides the fine, JPMorgan is required to beef up its compliance program and self-report any offences
Source excerpt
JPMorgan Chase will pay $920 million to settle US civil and criminal charges over fake trades in precious metals and Treasury futures designed to manipulate the market, US agencies announced Tuesday.
The settlement comes as the US banking giant reached a deferred prosecution agreement with the Justice Department to resolve criminal fraud charges over the long-running schemes.
Besides the fine, JPMorgan is required to beef up its compliance program and self-report any offences, said the Justice Department, whose criminal case was settled along with civil charges from the Commodities and Futures Trading Commission and the Securities and Exchange Commission.
2012
London Whale trading losses and control failures
JPMorgan Chase faced investigations and substantial settlements after complex credit-derivatives trading by its Chief Investment Office generated large losses and exposed weaknesses in supervision, valuation, reporting, and risk controls.