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Violation Tracker Individual Record

Company: JP Morgan Chase & Co.
Current Parent Company: JPMorgan Chase
Penalty: $3,525,000,000
Year: 2008
Date: August 14, 2008
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: toxic securities abuses
Mega-Scandal: Toxic Securities
Violation Description: JPMorgan Chase and Morgan Stanley agreed to buy back $7 billion in securities as part of the resolution of multistate litigation alleging they misled customers in the marketing and sale of auction rate securities. The announcement did not specify how much each company would buy back. Here we assume the total was divided evenly between them. They also agreed to pay civil penalties; for JPMorgan the amount was $25 million.
Level of Government: state
Action Type: agency action
Agency: Multistate Attorneys General Case
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.