Law and Regulations

US SEC and JPMorgan in talks to settle probe regarding product steering: WSJ

JPMorgan and SEC in settlement talks

JPMorgan Chase is in talks with the U.S. Securities and Exchange Commission to settle a probe by the agency on whether the bank inappropriately advised its private-banking clients toward its own investment products, The Wall Street Journal reported, citing people familiar with the matter.

A settlement may come as early as this summer and could include a fine, the size of which was not known, the Journal said, citing people familiar with the matter.

JPMorgan disclosed in May that it received subpoenas from the Securities and Exchange Commission over how it sells its mutual funds.

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Other government authorities and a self-regulatory organization, apart from the SEC, have also sought information about the bank's use of proprietary products in its wealth-management business, JPMorgan said in a regulatory filing last month.

Representatives at JPMorgan and the Securities and Exchange Commission were unavailable for comment outside regular business hours.