JPMorgan fines for London Whale could reach $600M


JPMorgan (JPM) is reportedly expected to have to pay $500-600M in a "global" settlement to resolve probes by various U.S. and U.K. authorities into its London Whale fiasco.

Any deal might include charges that JPMorgan failed to properly supervise the traders responsible and lacked sufficient safeguards.

An agreement might not represent the end of the matter, as prosecutors are trying to find leads that could allow them to hold more senior executives to account.

Meanwhile, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau reportedly want to fine JPMorgan $80M for its dealings with retail customers during the recession. These include the mis-selling of identity theft protection to credit-card customers, and the use of false documentation in lawsuits to try to prove the amount of money that customers owed to the bank.

The speculation adds to a report that the Federal Housing Finance Agency wants $6B from JPMorgan to settle lawsuits over mortgage bonds.

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