JPMorgan Chase: Approaching $39 Billion in Fines for Policy Violations.
JPMorgan Chase, one of the largest banks in the United States, finds itself on the cusp of an astounding milestone. The bank is edging closer to a jaw-dropping $39 billion in fines imposed by US regulators, enforcement agencies, and lawsuits linked to anti-competitive practices, securities abuses, and other violations.
Recently, the Securities and Exchange Commission (SEC) hit JPMorgan Chase with a $4 million fine, which only adds to the hefty sum the bank has already paid for banking, securities, and other infractions since 2000. To be precise, the total fines paid by JPMorgan Chase now stand at an eye-opening $38.995 billion.
These figures come from Violation Tracker, an extensive database that comprehensively records instances of corporate misconduct. Please note that the database was last updated just before the recent SEC fine was made public.
Curiously, JPMorgan Chase has chosen not to publicly respond to the SEC’s enforcement action. The regulatory agency claims that the bank deliberately deleted a staggering 47 million emails that were legally required to be stored and accessible to regulators.
The consequences of this deletion have been significant. Ongoing securities investigations have been hindered, as at least twelve inquiries have been unable to access the crucial documents they requested. Unfortunately, the deleted records are irretrievable, leaving regulators uncertain about the potential impact on these investigations. In fact, an internal email from a member of JPMorgan’s compliance department, discovered after the deletion incident, acknowledged that the lost documents might have relevance for future investigations, legal matters, and regulatory inquiries.
Violation Tracker’s calculations not only include fines imposed by US regulators and enforcement agencies but also take into account state and federal lawsuits.
This comprehensive database covers a wide range of legal actions, including private litigation related to wage and hour employment discrimination, abuses in retirement plans (covered under ERISA), cases involving the Fair Credit Reporting Act, non-workplace discrimination as per the WARN Act, consumer protection matters concerning environmental issues, false advertising claims, product liability disputes, privacy breaches, data breaches, price-fixing cases, and other forms of anti-competitive practices.
Despite the substantial fines, JPMorgan Chase has managed to thrive financially. According to Macrotrends, the banking giant reported an impressive $128.695 billion in profits last year, marking a remarkable 5.79% increase compared to the previous year.
As JPMorgan Chase inches closer to the $39 billion mark in fines, the ongoing repercussions of its violations and the enduring financial success of the bank remain topics of significant interest and scrutiny.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.