Dallas, Texas 08/23/2013 (Financialstrend) – JPMorgan Chase & Co (NYSE:JPM) had finally made its decision to spend around $16.2 billion to deal the claims against the company related to the London Whale that had long been troubling the investment bank. There had been many criminal charges related to this issue which had been brought up against the employees of the company. It was alleged that the employees had been hiding from the investors wide range of information related to the heavy losses that the company was making in its investments in the mortgage assets back in the year 2009.
Recently in another development, it had been announced that the Serious Fraud Office of the United Kingdom is attempting to take up claims related to the London Whale case along with its present counter parts in the United States. It is worth noting that many serious lawsuits had till now been filed against JPMorgan Chase & Co (NYSE:JPM) related to this case which emerged during the period of financial crisis in the US. These losses had first come out to the notice of the public in April 2012 at the Chief Investment Office of the company’s London division.
Shares of JPMorgan Chase & Co (NYSE:JPM) had presented considerable gains of 1.12% on Thursday to close the day at $52.21 per share. Further, the intraday price movements for the stock had been moving in the range of $51.93 to $52.66 per share. The stock proved to attract around 14.66 million trades in the shares that had occurred on Thursday, with an average volume of trading at 17.01 million shares. The stock had moved through the past year of trading to record the lowest price at $36.67 and highest price at $56.93 per share. The company presently holds 3.77 billion shares in the markets with a market cap of $196.58 billion.