JPMorgan Reaches $100 Million Settlement with SEC

JPMorgan Chase (NYSE:JPM), the largest bank in the United States, has agreed to pay $100 million to resolve allegations brought by the U.S. Securities and Exchange Commission (SEC). The SEC claimed that the bank provided misleading information to its customers regarding investments in "conduit" products, which pooled funds from clients to invest in private equity or hedge funds.

The settlement announced on Thursday includes a $10 million civil penalty and $90 million in compensation to investors who invested in conduit products. In addition to the financial penalties, JPMorgan has accepted a reprimand from the SEC.

Although JPMorgan has agreed to the terms of the settlement, the bank has neither admitted nor denied the allegations as part of the agreement. The SEC's statement indicates that the settlement aims to address concerns related to the bank's disclosures and to compensate affected customers.