JPMorgan Chase & Co., the largest U.S. bank, agreed to pay $100 million to resolve Commodity Futures Trading Commission claims that the company's London traders last year deployed a reckless strategy in derivatives.
The accord, which stems from the bank's chief investment office's conduct on Feb. 29, 2012, brings JPMorgan's settlements from the London Whale trades to more than $1 billion, the CFTC said today in a statement.
JPMorgan's traders tried to defend their position in credit derivatives "by dumping a gargantuan, record-setting, volume of swaps virtually all at once, recklessly ignoring the obvious dangers to legitimate pricing forces," David Meister, the CFTC's head of enforcement, said in the statement.
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