JPMorgan to pay $151 million to settle SEC complaints

TWO subsidiaries of JPMorgan Chase & Co. agreed to pay more than $151 million to settle a number of Securities and Exchange Commission claims relating to their treatment of customers and certain transactions.

JPMorgan Securities and JPMorgan Investment Management have agreed to make payments, including fines and compensation paid to investors, to resolve four civil cases, the agency said in a statement Thursday. The securities division also settled a fifth without financial penalties as the agency noted its cooperation and corrective actions.

The claims include allegations that JPMorgan or its employees misled clients or directed them toward investment products when cheaper options were available. The company neither admitted nor denied wrongdoing in the settlement.

“JPMorgan’s conduct across multiple lines of business violated various laws designed to protect investors from the risks of self-dealing and conflicts of interest,” Sanjay Wadhwa, the regulator’s acting director of enforcement, said in a statement. “JPMorgan is responsible for its regulatory violations.”

JPMorgan identified and corrected the problems and worked with regulators to resolve the problems, a company spokesman said in an emailed statement.

“JPMorgan Chase is committed to maintaining the highest standards of customer service around the world,” the spokesperson said. “We are pleased that these issues have been resolved and remain committed to providing our customers with an exceptional experience.” BLOOMBERG