New filings from JPMorgan Chase reveal how a lot cash the largest financial institution within the US is spending on authorized battles.
The financial institution’s new 8-Okay filings with the U.S. Securities and Change Fee present the agency spent $2.14 billion on authorized bills within the final two years.
That breaks all the way down to $1.4 billion for the total yr throughout 2023 and $740 million in 2024.
The figures embody JPMorgan’s current main settlement with the SEC, with the financial institution paying $151 million in mixed civil penalties and voluntary funds to traders.
These funds settled allegations that the financial institution misled traders, favored its personal monetary pursuits over purchasers and engaged in prohibited trades.
JPMorgan additionally confronted litigation in 2023 and 2024 tied to Jeffrey Epstein, together with actions by victims and the U.S. Virgin Islands, which resulted in substantial settlements.
The Shopper Monetary Safety Bureau (CFPB) is the most recent US company to file a lawsuit towards the financial institution.
Final month, the CFPB sued JPMorgan Chase together with Financial institution of America, Wells Fargo and Zelle over alleged failures to correctly handle widespread fraud and unauthorized transactions on the Zelle platform.
Again in June, Chase warned that proposed laws from the CFPB and the Federal Reserve, together with new caps on credit score and debit card late charges and better capital reserves, might push the financial institution to remove free checking companies.
In complete, JPMorgan has paid greater than $40 billion in fines and settlements to regulators, enforcement businesses and lawsuits associated to anti-competitive practices, securities abuses and different violations.
That’s based on new numbers from the general public Violation Tracker, a company misconduct database that tracks instances from the yr 2000 till now.
In its newest earnings report, Chase says it earned $14 billion in revenue within the fourth quarter of 2024, whereas posting its largest-ever annual revenue at $58.5 billion.
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