The U.S. prosecution of JPMorgan Chase & Co. was deferred by a federal judge after the bank agreed to pay $2.6 billion to resolve criminal and civil allegations it failed to stop Bernard Madoff’s Ponzi scheme.
An internal U.S. Securities and Exchange Commission inquiry found former Enforcement Director Linda Thomsen didn’t break agency rules while talking with JPMorgan Chase & Co.’s legal chief during the bank’s emergency takeover of Bear Stearns Cos. last year.
A U.K. government adviser issued a scathing report on the business practices of Royal Bank of Scotland Plc. And now the government-controlled bank has hired a law firm to conduct its own investigation of itself, while the U.K. government prepares to investigate the bank even further.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon went to Washington almost a month ago to see if U.S. Attorney General Eric Holder would settle a criminal probe of mortgage fraud at the bank if it paid more money to resolve related civil investigations.
JPMorgan Chase & Co.’s record $13 billion deal to end U.S. probes of its mortgage-bond sales would free the nation’s largest bank from mounting civil disputes with the government while leaving a criminal inquiry unresolved.
JPMorgan Chase & Co., the biggest U.S. bank, has hired former U.S. Securities and Exchange Commission enforcement chief William McLucas to help respond to regulatory probes of the firm’s $2 billion trading loss.