JP Morgan has paid $36 billion for dozens of frauds, over the last 5 years.
Armed services members Credit card holders Homeowners Consumers Madoff victims Mortgage-bkd securities LIBOR victims Checking accounts JPMC shareholders Consumers of electricity Veterans Collateralized debt Municipal bond buyers The American people Pension fund investors Home mortgagors JPMC customers Great Britain regulators Money market funds Municipal bond investors Mortgage investors Mortgage-bkd sec victims Fannie Mae/Freddie Mac Mortgage-bkd sec invstrs General public Lehman Brothers Home owners Clients General public Shareholders Clients Investors ConsumersHomeowners General public General public Investors General Public Consumers Workers Clients Peregrine Workers Workers Homeowners General Public Consumers Workers General Public This could be you
Armed services members
$35,000,000
In April 2011, JPMC agreed to settle claims that the bank over-charged active or recently active military service members on their mortgages by paying $27 million in cash to approximately 6,000 military personnel, by lowering interest rates and fees in excess of that permitted by the Service Members Civil Relief Act (“SCRA”) and the Housing and Economic Recovery Act of 2008 (“HERA”) on soldiers’ home loans, and by improperly foreclosing upon homes owned by borrowers protected by SCRA and HERA. Thereafter, additional borrowers were added to the class and JPMC agreed to pay an additional $8 million into the settlement fund.
Credit card holders
$1,200,000,000
In October 2012, JPMC paid $1.2 billion (20% of a global $6.05 billion settlement) to settle claims that it, along with other banks, conspired to set the price of credit and debit card interchange fees.
Homeowners
$1,960,000,000
On January 7, 2013, JPMC announced that it and a number of other financial institutions entered into a settlement agreement with the Office of the Comptroller of the Currency and the Federal Reserve Bank providing for the termination of the Independent Foreclosure Review programs that had been required under the Consent Orders with such banking regulators relating to each bank’s residential mortgage servicing, foreclosure and loss-mitigation activities. Under this settlement, the Firm will make a cash payment of $760 million into a settlement fund for distribution to qualified borrowers. The Firm has also committed an additional $1.2 billion to foreclosure prevention actions under the settlement, which will be fulfilled through credits given to the Firm for modifications, short sales and other types of borrower relief.
Consumers
$389,000,000
In September 2013, JPMC agreed to pay $80 million in fines and $309 million in refunds to consumers who were billed for credit monitoring services that the bank never provided.
Madoff victims
$3,054,000,000
In January 2014, JPMC agreed to forfeit to the federal government $1.7 billion (as a non-tax-deductible payment) as part of a Deferred Prosecution Agreement relating to its failure to comply with the requirements of the Bank Secrecy Act with respect to Madoff’s brokerage account.
JPMC also paid a $350 million Civil Money Penalty to the Office of the Comptroller of the Currency in connection with its violations of the Bank Secrecy Act.
JPMC also paid a $461 million Civil Money Penalty to the Financial Crimes Enforcement Network (“FinCEN”) for failure to detect and adequately report suspicious transactions conducted by Madoff.
JPMC also paid $218 million to settle a class action brought by Madoff victims.
JPMC also paid $325 million to settle claims brought by the Madoff trustee.
Mortgage-bkd securities
$4,500,000,000
On November 15, 2013, JPMC announced it had reached a $4.5 billion agreement with 21 major institutional investors to make a binding offer to the trustees of 330 residential mortgage-backed securities trusts issued by J.P. Morgan, Chase and Bear Stearns to resolve all claims on trusts issued between 2005 and 2008.
LIBOR victims
$109,000,000
On December 2013, JP Morgan reached a settlement with the European Commission regarding its Japanese Yen LIBOR investigation concerning antitrust rigging of benchmark interest rates and agreed to pay a fine of €79.9.
Checking accounts
$110,000,000
In February 2012, JPMC agreed to pay $110 million to settle claims that it over-charged customers for overdraft fees.
JPMC shareholders
$1,020,000,000
In September 2013, JPMC paid $920 million in fines to the Securities and Exchange Commission, the Federal Reserve Bank, the Office of the Comptroller of the Currency, and the United Kingdom’s Financial Conduct Authority to settle claims of mismanagement with respect to its oversight of traders involved in the “London Whale” disaster which caused losses of approximately $6 billion.
In addition, JPMC paid a $100 million fine to the Commodity Futures Trading Commission and admitted to reckless conduct and market manipulation.
Consumers of electricity
$410,000,000
In July 2013, JPMC paid $410 million to the Federal Energy Regulatory Commission to settle claims of bidding manipulation of California and Midwest electricity markets.
Veterans
$659,000,000
In March 2012, JPMC paid the federal government a $45 million fine to settle charges that it charged veterans hidden fees in mortgage refinancing transactions.
In February 2014, JPMC agreed to pay $614,000,000 to settle charges asserted by the United States Attorney’s Officer for the Southern District of New York, the Federal Housing Administration, the United States Department of Housing and Urban Development, and the United States Department of Veteran Affairs resolving False Claims Act, FIRREA and other civil and administrative liability for FHA and VA insurance claims that have been paid to JP Morgan Chase since 2002 through the date of settlement.
Collateralized debt
$153,600,000
In June 2011, JPMC paid a penalty to the SEC of $153.6 million to settle charges that it failed to disclose material information to investors in collateralized debt obligations.
Municipal bond buyers
$228,000,000
In July 2011, JPMC paid the SEC $228 million to settle charges that it fraudulently rigged at least 93 municipal bond transactions in 31 states, generating millions of dollars in profits.
The American people
$88,300,000
In August 2011, JPMC paid the Treasury Department $88.3 million to settle claims that it improperly processed transactions in violation of sanctions laws against Cuba, Iran and the Sudan.
Pension fund investors
$150,000,000
In March 2012, JPMC paid $150 million to settle claims that it imprudently invested pension funds in a risky debt vehicle.
Home mortgagors
$22,100,000
In December 2013, JPMC paid $22.1 million to settle a lawsuit alleging that the bank imposed expensive and unnecessary flood insurance on homeowners whose mortgages the bank serviced.
JPMC customers
$20,000,000
In April 2012, JPMC paid $20 million to settle claims by the Commodity Futures Trading Commission that the bank improperly extended credit to Lehman Brothers based, in part, on commingled customer funds that it was required to keep separate.
Great Britain regulators
$48,600,000
In June 2010, JPMC paid $48.6 million to settle claims by Great Britain’s financial regulator that the bank’s London unit failed to maintain required separation between customers’ accounts.
Money market funds
$25,000,000
In July 2010, JPMC paid $25 million to settle claims that it sold unregistered securities to a state-run municipal money-market fund that suffered a run on deposits because it held defaulted debt.
Municipal bond investors
$43,000,000
In December 2012, the United States District Court for the Southern District of New York, granted final approval of a $43 million settlement of individual actions against JPMorgan Chase and Bear Stearns, as well as numerous other providers and brokers, alleging antitrust violations in the market for financial instruments related to municipal bond offerings.”
Mortgage investors
$296,900,000
In November 2012, JPMC paid $296,900,000 to the SEC to settle claims that the bank misstated information about the delinquency status of mortgages that served as collateral for a securities offerings underwritten by the bank. JPMC received more than $2.7 million in fees on the offering and investors suffered losses of at least $37 million on undisclosed delinquent loans.
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