JPMorgan Hit with $151 Million SEC Settlement Over Misleading Customers

JPMorgan Chase has agreed to pay $151 million to settle five SEC charges, including allegations of misleading disclosures to clients. The SEC says the U.S.’s largest bank put customers at risk by failing to reveal conflicts of interest across several business lines fully. The settlement includes $61 million in fines and $90 million in reimbursements. In the largest case, JPMorgan will reimburse customers $90 million after failing to disclose its control over selling shares from “conduit” products, exposing them to market risks. Another $45 million fine addresses the bank’s lack of transparency around promoting its products over third-party options. While JPMorgan hasn’t admitted wrongdoing, the bank has agreed to the settlements to address the SEC’s concerns.