J.P. Morgan Chase & Co. is in advanced talks with the Securities and Exchange Commission to pay more than $150 million to resolve allegations it inappropriately steered private-banking clients to its own investment products without proper disclosures, people familiar with the matter said. The settlement could be announced within the next few weeks, these people added. SEC...
Reports suggest JP Morgan is in advanced talks with the US SEC over a $150m settlement to resolve claims from the regulator that the bank steered private banking clients to its own investment products where it could make the most money, thereby abusing its fiduciary duty to them. The deal would be subject to approval by the New York state attorney general, who has been investigating whether JPMorgan, which was fined $290bn (£180bn) for rigging interest rates, misled investors about