JPMorgan will pay $151 million to settle a series of SEC complaints

TWO subsidiaries of JPMorgan Chase & Co. agreed to pay more than $151 million to settle a series of claims by the Securities and Exchange Commission accusing them of dealing with customers and certain transactions.

JPMorgan Securities and JPMorgan Investment Management agreed to make payments, including fines and investor relief, to settle four civil cases, the agency said in a statement Thursday. The securities division also paid a fifth without financial penalties because the agency credited its cooperation and corrective actions.

The claims include allegations that JPMorgan or its employees misled clients or steered them toward investment products when cheaper options were available. The company did not admit or deny wrongdoing during the settlements.

“JPMorgan’s conduct in many business areas violates various laws designed to protect investors from self-dealing risks and conflicts of interest,” Sanjay Wadhwa, acting director of enforcement, said in a statement. “JPMorgan held accountable for its regulatory failures”.

JPMorgan identified and fixed the issues and is working with regulators to resolve the issues, a company spokesman said in an emailed statement.

“JPMorgan Chase is committed to maintaining the highest standards of customer service around the world,” a spokesperson said. “We are pleased that these issues have been resolved and continue to strive to provide an exceptional experience for our customers.” BLOOMBERG