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Monday, December 5, 2016

CFTC Fines JPMorgan $100 Million Over ‘London Whale’ Trades

CFTC Fines JPMorgan $100 Million Over ‘London Whale’ Trades

Washington (AFP) – U.S. regulators on Wednesday fined banking giant JPMorgan Chase $100 million for “reckless conduct” in the “London whale” trading debacle.

The U.S. Commodity Futures Trading Commission said that JPMorgan had admitted charges of manipulating trading of certain credit-default swaps in the case that caused the bank $6.2 billion in losses, and had agreed to pay the civil penalty.

AFP Photo/Emmanuel Dunand

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