JPMorgan settles with Commodity Future Trading Commission in new “London Whale” deal

Bank will pay $100 million to end probes into the scandal

In what can already be described as an “Ahab-ian” struggle, JPMorgan hopes to finally succeed in slaying its Moby Dick this week with a settlement that will close out probes around a derivative trading error and its subsequent cover-up that cost the company billions of dollars.

The bank has agreed to pay $100 million in settlements to the Commodity Futures Trading Commission (CFTC) to close out a probe into the “London Whale” bet. The CFTC probes were an attempt to uncover any negligence within the management chain responsible for the incident but will now be halted. While the new settlement will rectify the probe from the CFTC, investigations by the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are still pending.

Executive Editor

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Chris DiMarco

Chris DiMarco, Executive Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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