Report: JPMorgan set to fight CFTC charges in court

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

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.