JPMorgan Chase nears $39B in fines from US regulators, enforcement agencies, and lawsuits for violations including anti-competitive practices and securities abuses.
The recent $4 million fine imposed by the SEC on JPMorgan brings the total amount the banking giant has paid for fines related to banking, securities, and other violations since 2000 to $38.995 billion.
The information comes from the Violation Tracker, a comprehensive database of corporate misconduct. The database, which is updated until just before the recent SEC fine was announced, reveals that JPMorgan’s total fines amounting to $38.995 billion since 2000.
JPMorgan Silent on SEC’s Enforcement Action Over Deleted Emails:
JPMorgan chose not to provide a public comment in response to the recent SEC enforcement action. The SEC accused the firm of deleting 47 million emails that were supposed to be properly retained and accessible to regulators.
According to the SEC, at least twelve ongoing securities investigations have requested documents from JPMorgan. However, the firm is unable to provide these documents as they are no longer accessible.
The SEC highlights the unrecoverable nature of the deleted records and emphasizes that it is impossible to determine the impact of these lost documents on ongoing regulatory investigations. A member of JPMorgan’s compliance department, in an internal email following the discovery of the deletion, acknowledged that the lost documents could be relevant to potential future investigations, legal matters, and regulatory inquiries.
The Violation Tracker not only considers fines from US regulators and enforcement agencies but also incorporates state and federal lawsuits in its calculations. This comprehensive approach ensures that the figures reflect a broader range of penalties and legal actions against JPMorgan.
Tracking a Wide Range of Lawsuits Against JPMorgan:
The Violation Tracker covers various types of lawsuits, including private litigation on topics such as wage and hour disputes, employment discrimination, retirement plan abuses, Fair Credit Reporting Act cases, non-workplace discrimination under the WARN Act, environmental issues, consumer protection, false advertising, product liability, privacy breaches, data breaches, price-fixing, and anti-competitive practices. This comprehensive tracking ensures a comprehensive overview of legal actions taken against JPMorgan.
According to Macrotrends, JPMorgan recorded a substantial profit of $128.695 billion in the previous year, representing a notable 5.79% increase compared to the previous year, 2021.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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