JP Morgan Chase has agreed to pay the US Commodity Futures Trading Commission (CFTC) $100 million for “reckless behavior,” the latest in a string of London Whale settlements that now total more than $1 billion.
The CFTC said on Wednesday it settled with the US’s largest bank over “manipulative conduct” and price distortion in what are known as the London Whale trades. These ultimately resulted in JP Morgan bearing $6.2 billion of trading losses in 2012.
“The Bank, acting through its traders, recklessly disregarded the fundamental precept on which market participants rely, that prices are established based on legitimate forces of supply and demand,” the US government regulator said in its press release.
The CFTC settlement is the latest of many fines JP Morgan, once considered among the most reputable US financial institutions, has had to pay to end legal troubles.
US and British authorities said in September they had fined JP Morgan a combined $920 million over the London Whale trades alone.
In other negotiations JP Morgan Chase has offered to pay up to $11 billion to settle investigations into its sale of residential mortgage-backed securities prior to the 2008 financial crisis.