JP Morgan—Failure to Inform Clients Regarding Numerous Conflicts of Interest
JP Morgan Must Pay $300 Million after Allegedly Failing to Inform Clients in What the SEC Calls Numerous Conflicts of Interest Regarding How it Managed Clients Funds over a Half Decade
JPMorgan Chase & Co. must pay more than $300 million to settle U.S. allegations that it allegedly did not properly inform clients regarding alleged numerous conflicts of interest in the way it managed client funds for over a half decade, according to SEC Documents currently under review by attorneys Joe Peiffer and Jason Kane.
JP Morgan, the largest U.S. bank by assets, allegedly failed to tell customers that it took in profits by investing their money into mutual funds and hedge funds that generated fees for the company, according to said SEC Documents.
What is more, SEC allegations also include that the bank also allegedly failed to disclose its preference for putting clients’ money into its own investment products, SEC Documents note. The Peiffer Wolf securities lawyers are currently investigating JP Morgan’s alleged numerous instances of purported conflict of interest with client funds.
JPMorgan Subsidiaries Allegedly Failed to Disclose a Preference to Invest Client Money in Firm-managed Mutual Funds and Hedge Funds
JPMorgan subsidiaries also allegedly failed to disclose that they purportedly engaged in the practice of investing client money in firm-managed mutual funds and hedge funds, according to SEC Documents currently under review by attorneys Joe Peiffer and Jason Kane.
What is more, clients of JPMorgan subsidiaries were allegedly denied all the facts to determine why investment decisions were being made by their investment advisers, the SEC notes.
Finally, as JPMorgan allegedly failed to tell customers it preferred JPMorgan-managed mutual funds and hedge funds from 2008 to 2013, the SEC has announced $267 million in penalties and disgorgements against JPMorgan, the SEC reports. Finally, the bank has agreed to pay an additional $40 million as part of a parallel action by the U.S. Commodity Futures Trading Commission (US CFTC), according to reports from the US CFTC.
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of alleged conflict of interests regarding the management of client funds. They are currently investigating JPMorgan’s alleged failure to properly inform clients regarding alleged numerous conflicts of interest in the way it managed client funds for over a half decade. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of JPMorgan’s alleged failure to properly inform clients regarding alleged numerous conflicts of interest regarding the way it managed client funds may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at 585-310-5140.