JPMorgan to pay $100 mln to settle with CFTC on Whale trades -reports

Reuters

Oct 15 (Reuters) - JPMorgan Chase & Co has reachedan agreement with the Commodity Futures Trading Commission topay $100 million to settle charges related to the bank's "LondonWhale" trading scandal, according to media reports.

The U.S. derivatives regulator is expected to leverage newpowers granted to it by the Dodd-Frank financial law and fineJPMorgan for the reckless use of so-called manipulative devices,the Wall Street Journal reported, citing people familiar withthe matter. ()

JPMorgan disclosed last month that it had received a Wellsnotice from the CFTC and that the regulator intended torecommend enforcement action against the bank.

The CFTC settlement could come as soon as this week andwould include the bank admitting some wrongdoing, the New YorkTimes reported, citing people briefed on the negotiations. ()

A JPMorgan spokesman declined to comment on the reports.

The bank last month paid a total of $920 million inpenalties to four U.S. and British regulators to resolve thebiggest civil probes of the bank's $6.2 billion Whale derivativelosses.

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