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California sues JPMorgan for allegedly harassing credit card customers
The US state of California filed suit Thursday against JPMorgan Chase, accusing the Wall Street bank of illegally abusing credit-card customers and misusing the court system to harass them with lawsuits. California Attorney General Kamala Harris filed the suit in Los Angeles Superior Court, alleging the bank “committed debt collection…
New York Attorney General sues JPMorgan for alleged mortgage securities fraud
New York Attorney General Eric Schneiderman on Monday filed a lawsuit against JPMorgan Chase for alleged fraud relating to mortgage-backed securities, a type of investment that consists of mortgage loans that have been pooled together. The case is the first brought by a White House task force called the Residential…
Libor rate-fixing scandal spotlight now on Citi, JPMorgan
NEW YORK — The harsh light of the Libor rate-fixing scandal has crossed the Atlantic, with both Citigroup and JPMorgan Chase saying regulators and investigators have requested information from them in a so-far preliminary probe of the case. Share prices for both — as well as Bank of America, which…
JPMorgan losses could hit $9 billion
The losses from JPMorgan’s botched derivatives trade may reach $9 billion, nearly five times the amount announced in May, the New York Times reported Thursday. The Times quoted an unnamed source as saying a report generated in April showed that in a worst-case scenario the losses from the trade could…
JPMorgan traders didn’t know the risks: CEO
WASHINGTON — Traders in the JPMorgan unit behind a $2 billion loss had little understanding of the risks they took, CEO Jamie Dimon told US lawmakers Tuesday as they grilled regulators for failing to spot the debacle. Regulators said there were supervisory failures at the banking giant but assured there…
Protesters yell at JPMorgan CEO Dimon: ‘Stop the foreclosures now!’
A group of protesters wanted to make sure that JPMorgan CEO Jamie Dimon was personally aware of their anger at him, so they confronted him directly before he testified at a Senate Committee Banking hearing on Wednesday morning. “Stop foreclosures now, stop foreclosures now!” the protesters vociferously repeated before being…
Tea party senator wants JPMorgan CEO to ‘guide’ Congress on banking regulation
Tea party favorite Sen. Jim DeMint (R-SC) on Wednesday asked JPMorgan CEO Jamie Dimon, who recently announced that his company had lost at least $2 billion in the derivative market, to “guide” Congress in creating friendly banking regulations. During a U.S. Senate Banking Committee hearing, DeMint told Dimon that lawmakers…
‘Inadequate’ controls led to JPMorgan loss: regulator
WASHINGTON — A top US bank regulator told lawmakers Wednesday that “inadequate” risk controls at JPMorgan Chase led to a $2 billion derivatives loss, as senators grilled him and others over a failure to prevent the debacle. Democratic Senator Robert Menendez used the Senate Banking Committee hearing to unleash a…
Growing Japan investigation highlights culture of insider trading
A probe into insider trading has thrust the spotlight on the cosy world of Japanese share dealing, with US investment banking giant JPMorgan now ensnared in the snowballing investigation. Criminal convictions for trading on inside information are few and far between in Japan. For those who are caught, the token…
JPMorgan boss to testify to Congress twice in June
WASHINGTON — JPMorgan Chase’s embattled chief executive Jamie Dimon will be hauled before US lawmakers twice in June to explain the bank’s recent huge trading losses, congressional officials said Thursday. The US Senate Banking Committee said it postponed an appearance by Dimon from June 7 to June 13 to accommodate…
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