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JPMC Fines and Penalties - JPMadoff

JPMC Fines and Penalties

Armed services members $35,000,000

In April 2011, JPMC agreed to settle claims that the bank over-charged active or recently active military service members on their mortgages by paying $27 million in cash to approximately 6,000 military personnel, by lowering interest rates and fees in excess of that permitted by the Service Members Civil Relief Act (“SCRA”) and the Housing and Economic Recovery Act of 2008 (“HERA”) on soldiers’ home loans, and by improperly foreclosing upon homes owned by borrowers protected by SCRA and HERA. Thereafter, additional borrowers were added to the class and JPMC agreed to pay an additional $8 million into the settlement fund.

Credit card holders $1,200,000,000

In October 2012, JPMC paid $1.2 billion (20% of a global $6.05 billion settlement) to settle claims that it, along with other banks, conspired to set the price of credit and debit card interchange fees.

Homeowners $1,960,000,000

On January 7, 2013, JPMC announced that it and a number of other financial institutions entered into a settlement agreement with the Office of the Comptroller of the Currency and the Federal Reserve Bank providing for the termination of the Independent Foreclosure Review programs that had been required under the Consent Orders with such banking regulators relating to each bank’s residential mortgage servicing, foreclosure and loss-mitigation activities. Under this settlement, the Firm will make a cash payment of $760 million into a settlement fund for distribution to qualified borrowers. The Firm has also committed an additional $1.2 billion to foreclosure prevention actions under the settlement, which will be fulfilled through credits given to the Firm for modifications, short sales and other types of borrower relief.

Consumers $389,000,000

In September 2013, JPMC agreed to pay $80 million in fines and $309 million in refunds to consumers who were billed for credit monitoring services that the bank never provided.

Madoff victims $3,054,000,000

In January 2014, JPMC agreed to forfeit to the federal government $1.7 billion (as a non-tax-deductible payment) as part of a Deferred Prosecution Agreement relating to its failure to comply with the requirements of the Bank Secrecy Act with respect to Madoff’s brokerage account.

JPMC also paid a $350 million Civil Money Penalty to the Office of the Comptroller of the Currency in connection with its violations of the Bank Secrecy Act. JPMC also paid a $461 million Civil Money Penalty to the Financial Crimes Enforcement Network (“FinCEN”) for failure to detect and adequately report suspicious transactions conducted by Madoff. JPMC also paid $218 million to settle a class action brought by Madoff victims. JPMC also paid $325 million to settle claims brought by the Madoff trustee.5

Mortgage-bkd securities $4,500,000,000

On November 15, 2013, JPMC announced it had reached a $4.5 billion agreement with 21 major institutional investors to make a binding offer to the trustees of 330 residential mortgage-backed securities trusts issued by J.P. Morgan, Chase and Bear Stearns to resolve all claims on trusts issued between 2005 and 2008.6

LIBOR victims $109,000,000

On December 2013, JP Morgan reached a settlement with the European Commission regarding its Japanese Yen LIBOR investigation concerning antitrust rigging of benchmark interest rates and agreed to pay a fine of €79.9.7

Checking accounts $110,000,000

In February 2012, JPMC agreed to pay $110 million to settle claims that it over-charged customers for overdraft fees.8

JPMC shareholders $1,020,000,000

In September 2013, JPMC paid $920 million in fines to the Securities and Exchange Commission, the Federal Reserve Bank, the Office of the Comptroller of the Currency, and the United Kingdom’s Financial Conduct Authority to settle claims of mismanagement with respect to its oversight of traders involved in the “London Whale” disaster which caused losses of approximately $6 billion.9

In addition, JPMC paid a $100 million fine to the Commodity Futures Trading Commission and admitted to reckless conduct and market manipulation.10

Consumers of electricity $410,000,000

In July 2013, JPMC paid $410 million to the Federal Energy Regulatory Commission to settle claims of bidding manipulation of California and Midwest electricity markets.11

Veterans $659,000,000

In March 2012, JPMC paid the federal government a $45 million fine to settle charges that it charged veterans hidden fees in mortgage refinancing transactions.12

In February 2014, JPMC agreed to pay $614,000,000 to settle charges asserted by the United States Attorney’s Officer for the Southern District of New York, the Federal Housing Administration, the United States Department of Housing and Urban Development, and the United States Department of Veteran Affairs resolving False Claims Act, FIRREA and other civil and administrative liability for FHA and VA insurance claims that have been paid to JP Morgan Chase since 2002 through the date of settlement.13

Collateralized debt $153,600,000

In June 2011, JPMC paid a penalty to the SEC of $153.6 million to settle charges that it failed to disclose material information to investors in collateralized debt obligations. 14 Municipal bond buyers $228,000,000

In July 2011, JPMC paid the SEC $228 million to settle charges that it fraudulently rigged at least 93 municipal bond transactions in 31 states, generating millions of dollars in profits.15

The American people $88,300,000

In August 2011, JPMC paid the Treasury Department $88.3 million to settle claims that it improperly processed transactions in violation of sanctions laws against Cuba, Iran and the Sudan.16

Pension fund investors $150,000,000

In March 2012, JPMC paid $150 million to settle claims that it imprudently invested pension funds in a risky debt vehicle. 17

Home mortgagors $22,100,000

In December 2013, JPMC paid $22.1 million to settle a lawsuit alleging that the bank imposed expensive and unnecessary flood insurance on homeowners whose mortgages the bank serviced.18

JPMC customers $20,000,000

In April 2012, JPMC paid $20 million to settle claims by the Commodity Futures Trading Commission that the bank improperly extended credit to Lehman Brothers based, in part, on commingled customer funds that it was required to keep separate.19

Great Britain regulators $48,600,000

In June 2010, JPMC paid $48.6 million to settle claims by Great Britain’s financial regulator that the bank’s London unit failed to maintain required separation between customers’ accounts.20

Money market funds $25,000,000

In July 2010, JPMC paid $25 million to settle claims that it sold unregistered securities to a state-run municipal money-market fund that suffered a run on deposits because it held defaulted debt. 21

Municipal bond investors $43,000,000

In December 2012, the United States District Court for the Southern District of New York, granted final approval of a $43 million settlement of individual actions against JPMorgan Chase and Bear Stearns, as well as numerous other providers and brokers, alleging antitrust violations in the market for financial instruments related to municipal bond offerings.”22

Mortgage investors $296,900,000

In November 2012, JPMC paid $296,900,000 to the SEC to settle claims that the bank misstated information about the delinquency status of mortgages that served as collateral for a securities offerings underwritten by the bank. JPMC received more than $2.7 million in fees on the offering and investors suffered losses of at least $37 million on undisclosed delinquent loans.23

Mortgage-bkd sec victims $13,000,000,000

On November 19, 2013, the Department of Justice (“DOJ”) announced a $13 billion settlement with JPMC to resolve “federal and state civil claims arising out of the packaging, marketing, sale and issuance of residential mortgage-backed securities (“RMBS”) by JPMorgan, Bear Stearns and Washington Mutual prior to Jan. 1, 2009.”” JPMC agreed to pay $13 billion in exchange for complete civil immunity. The DOJ did not disclose the identity of a single JPMC executive or employee responsible for its actions and did not require JPMC to take any remedial measures to ensure that the conduct is not repeated.

The settlement is to be paid as follows:

$2.0 billion as a civil penalty under the Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”); $1.4 billion to settle claims by the National Credit Union Administration; $515.4 million to settle claims by the Federal Deposit Insurance Corporation; $4.0 billion to settle claims by the Federal Housing Finance Agency; $298.9 million to settle claims by the State of California; $19.7 million to settle claims by the State of Delaware; $100 million to settle claims by the State of Illinois; $34.4 million to settle claims by the Commonwealth of Massachusetts; $613 million to settle claims by the State of New York; and $4 billion in the form of relief to aid consumers harmed by the unlawful conduct of JPMorgan, Bear Stearns and Washington Mutual.25

Fannie Mae/Freddie Mac $1,100,000,000

On October 25, 2013, JPMC agreed to resolve, for $1.1 billion, litigation with Fannie Mae and Freddie Mac concerning mortgage repurchase obligations.26

Mortgage-bkd sec invstrs $280,000,000

On May 2, 2014, the United States District Court for the Eastern District of New York gave preliminary approval to a settlement of $280 million to resolve claims against JPMC that it misled investors in billions of dollars’ worth of mortgage backed securities. The suit was brought by the Plumbers’ & Pipefitters’ Local # 562 Supplemental Plan & Trust.27 The court granted final approval on July 24, 2014.

General public $650,000

On July 29, 2014, JPMC agreed to settle charges brought against it by the Commodity Futures Trading Commission for filing inaccurate reports to the agency from 2012 and continuing even after the charges were brought against JPMC.28

Credit Card Customers $216,000,000

On July 8, 2016, JPMorgan Chase & Co. agreed to pay at least $216 million and reshape its credit card debt collection operations as part of a settlement with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and 47 states.

General Public $892,000,000

On May 20, 2015, JPMC settled charges that it committed criminal violations of the antitrust laws by conspiring with other banks to fix the $5.3 trillion/day foreign exchange market. It pled guilty to felony charges and agreed to pay $892 million.

Lehman Brothers $1,420,000,000

On January 25, 2016 JPMC settled two outstanding disputes with Lehman Brothers Holdings Inc. and certain of its affiliates in which Lehman alleged, inter alia, that JPMC coerced several billion dollars from Lehman on the eve of its bankruptcy, draining Lehman of virtually all liquidity and leading a bank run that ultimately led to Lehman’s bankruptcy.

Home Owners $48,000,000

On January 4, 2016, JPMC entered into a consent order with the Office of the Comptroller of the Currency to pay a $48 million fine for its violations of a 2011 consent order with the OCC arising from its “robosigning” of loan documents and other unsafe and unsound banking practices.

Clients $307,000,000

On December 18, 2015, JPMC agreed to settle claims with the SEC and the CFTC for failing to disclose conflicts of interest while steering clients into its own hedge funds and mutual funds.

General Public $595,000,000

On October 29, 2015, a federal judge preliminarily approved a settlement of a multi-district litigation alleging that JPMC and eleven other market participants rigged the credit-default swaps market. JPMC will pay the largest portion of the settlement of any defendant.

Shareholders $150,000,000

On January 19, 2016, a federal judge preliminarily approved a class action settlement on behalf of JPMC shareholders who alleged suffering losses as a result of the bank’s supplying false and misleading statements concerning the risks and losses arising from the secret proprietary trading activities of the “London Whale,” a rogue London-based JPMC trader who caused the bank to suffer $6.2 billion in losses.

Clients $4,000,000

On January 6, 2016, JPMC’s brokerage business agreed to settle charges with the SEC that it falsely misled its clients about how its brokers are compensated.

Investors $3,870,000

On December 15, 2015, Hong Kong regulators announced that they had fined JPMC $3.87 million for various regulatory failures relating to internal controls on short-selling, dark pool trading, and other types of trading.

Consumers $10,200,000

In October 2015, a federal judge approved a $10.2 million settlement for a nationwide class of persons who were “robodialed” by JPMC in violation of the Telephone Consumer Protection Act.

Homeowners $100,000,000

On November 2, 2015, JPMC agreed to pay $100 million in restitution and penalties to settle a lawsuit by the California attorney general against JPMC over the bank’s consumer credit card debt-collection practices, including allegations it was robosigning thousands of documents.

General Public $99,500,000

On January 31, 2015, JPMC agreed to pay $99.5 million to settle claims by a class of investors who alleged that JPMC, along with twelve other banks, conspired to rig the $5.3 trillion-a-day foreign exchange market.

General Public $1,084,210

On October 14, 2015, JPMC agreed to settle charges with the SEC that it violated a rule prohibiting firms from taking part in public stock offerings after short selling the same stocks.

Investors $388,000,000

On July 17, 2015, JPMC agreed to pay $388 million to settle claims by investors who alleged that JPMC misled them about the safety of $10 billion worth of residential mortgage backed securities.

General Public $500,000,000

On May 28, 2015, JPMC agreed to pay over $500 million to settle a lawsuit arising from Bear Sterns’, which JPMC bought in 2008, sale of $17.58 billion in defective mortgage backed securities.

Consumers $34,000,000

On August 12, 2015, a federal judge preliminarily approved a settlement of a nationwide class action against JPMC for its use of robocalling in violation of the Telephone Consumer Protection Act.

Workers $950,000

On April 2, 2015, JPMC agreed to settle claims that it failed to pay overtime and provide proper breaks to a California class of underwriters.

Clients $900,000

On January 22, 2015, JPMC settled claims by the Consumer Financial Protection Bureau and the Maryland Attorney General alleging that JPMC steered customers to a now-defunct Maryland title company in exchange for undisclosed kickbacks and data on potential customers in violation of federal consumer protection laws.

Peregrine $15,000,000

On March 27, 2014, JPMC and the bankruptcy trustee for Peregrine Financial Group, Inc. agreed to a $15 million settlement of claims against JPMC alleging JPMC allowed fraud to occur at Peregrine, which was bankrupted after its founder looted hundreds of millions of dollars from customer accounts.

Workers $24,000,000

On October 10, 2014, JPMC agreed to pay $2.4 million to resolve claims that it illegally misclassified commercial real estate appraisers as exempt workers in order to avoid paying them overtime.

Workers $12,000,000

On October 8, 2014, JPMC agreed to pay up to $12 million to settle claims that certain of its tellers and other bank employees – a total of approximately 145,000 employees in 12 states – were not paid proper wages or overtime because JPMC did not count some hours worked.

Homeowners $2,250,000

On July 15, 2014, a New Jersey federal judge approved a roughly $2.25 million settlement between JPMC and a class of consumer who alleged that JPMC charged them late fees on their mortgage payments even when they were on time.

General Public $50,460

On May 1, 2014, a JPMC subsidiary, JP Morgan Securities, LLC, agreed to settle claims brought by the state of New Jersey, Division of Consumer Affairs and Bureau of Securities, alleging that it allowed unregistered agents to accept orders for the purchase and sale of securities.

Consumers $5,500,000

On April 23, 2014, JPMC agreed to pay $5.5 million to settle claims made by a class of nearly 480,000 Circuit City rewards credit card holders who alleged JPMC duped them into joining an “interest free” program, then breached their contract by charging class members unexpected fees and interest charges.

Workers $16,000,000

On March 25, 2014, JPMC agreed to settle a class action alleging that it failed to pay overtime to its business bankers.

General Public $996,000,000

In November 2014, JPMC agreed to pay nearly $1 billion to U.S. and U.K. regulators who alleged that JPMC, and others, manipulated the $5.3-trillion-a-day currency market.

This could be you $34,627,254,670.00

You might be JPMC’s next victim.

 

Download the PDF here for Footnotes and more.

 

 

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