July 07, 2011
Board issues enforcement action with JPMorgan Chase
For immediate release
The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between JPMorgan Chase & Co., New York, New York, a registered bank holding company, and the Federal Reserve Bank of New York. The agreement addresses issues associated with anti-competitive activities at JPMorgan Chase by certain employees in conjunction with the sale of certain derivative financial products to municipalities and other non-profit organizations in competitively bid transactions between 1999 and 2005.
In separate, coordinated actions, the Office of the Comptroller of the Currency announced the execution of a Formal Agreement and Consent Order for a Civil Money Penalty with JPMorgan Chase Bank, N.A., Columbus, Ohio, a wholly owned subsidiary of JPMorgan Chase & Co. Actions were also taken by the U.S. Securities and Exchange Commission, the Internal Revenue Service, the Antitrust Division of the U.S. Department of Justice, and 25 state attorneys general.
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