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Report: JPMorgan set to fight CFTC charges in court

  • JPMorgan (JPMdenies CFTC charges it manipulated certain credit markets as part of its London Whale trades, report sources, indicating the bank is prepping to fight the case in court.
  • The CFTC issued a Wells notice to the House of Dimon on September 16, giving the bank 14 days to either respond to or settle the charges. One source says the CFTC has softened its stance since, though others deny this is the case. In any case, the bank is reportedly opting to deny the charges, leaving it up to the CFTC commissioners to approve moving forward with a lawsuit.
  • Delaying matters is the government shutdown which has kept much of the CFTC staff home from work over the past week.
Comments (2)
  • deercreekvols
    , contributor
    Comments (6614) | Send Message
     
    CEO Dimon is putting some of the money in the "Legal Fund" to work, so it seems.

     

    That pesky London Whale just won't go away. There is always the aluminum manipulation charge or the mess in Italy. JPM legal team will have a some high salary numbers to report on their taxes.
    7 Oct 2013, 08:06 PM Reply Like
  • Lloyd banks
    , contributor
    Comments (4) | Send Message
     
    i am just wondering .. if this is going to effect it's share price more and JP Morgan might/will be a buy. Given it's depressed value. It seems as, it is already trading under it's book value.
    9 Oct 2013, 03:55 PM Reply Like
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