JPMorgan Chase & Co (NYSE:JPM) spends $6.2 billion to settle the claim


Dallas, Texas 08/22/2013 (Financialstrend) – The Serious Fraud Office of United Kingdom is presently liaising with its counter parts in the United States related to the recent London Whale case in which JPMorgan Chase & Co (NYSE:JPM) had to spend around $6.2 billion to settle the issue. There had been criminal charges brought up against two employees of the company by the officials of the United States. It was alleged that these two employees had tried to hide from the investors the information related to the heavy losses of around hundreds of millions of dollars that the company had incurred at that time.

These losses which had primarily occurred due to the trading activities had first come out to the public in April 2012 at the London Division of the Chief Investment Office of JPMorgan Chase & Co (NYSE:JPM). Since such information on losses was revealed to the public, there had been many internal investigations taken up with the employees by the company. Further, the regulatory authorities of the United States and United Kingdom had also been taken up investigations separately.

Shares of JPMorgan Chase & Co (NYSE:JPM) were observed to have presented significant loss of 0.94% on Wednesday to close the trading session at $51.63 per share. Further it was noted that the intraday prices for the stock had been fluctuating in the range of $51.28 to $52.22 per share. The stock had proved effective to attract around 17.14 million trades in its shares on Wednesday, while the average volume of trading for this stock is at 17.00 million shares. The stock had moved through the past 52 weeks of trading to record the lowest price at $36.67 and highest price at $56.93 per share. The company presently holds around 3.77 billion shares being traded in the markets with a market cap of $194.39 billion.