Key Developments: JPMorgan Chase & Co (JPM.N)
54.11USD
18 Jun 2013
$0.26 (+0.48%)
$53.85
$53.99
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$53.72
2,244,019
4,907,670
$55.90
$33.10
Latest Key Developments (Source: Significant Developments)
JPMorgan Chase & Co And Other Banks Score Win In Private Libor Suits-Reuters
Reuters reported that A group of banks won a victory when a U.S. judge dismissed a substantial portion of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The banks include Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, Royal Bank of Canada, Royal Bank of Scotland and WestLB AG. They had been accused by a diverse body of private plaintiffs, ranging from bondholders to the city of Baltimore, of conspiring to manipulate the London Interbank Offered Rate (Libor). Full Article
JPMorgan Chase & Co, MF Global Holdings Ltd's Unit Trustee Reach $546 Million Settlement-Reuters
Reuters reported that JPMorgan Chase & Co has reached a $546 million settlement with the trustee liquidating the failed broker-dealer unit of MF Global Holdings Ltd, a court filing showed, an amount that will help repay the brokerage's customers. As part of a settlement reached with James Giddens, the trustee who is tasked with liquidating MF Global Inc, JPMorgan will pay $100 million that will be made available for distribution to former MF Global customers. JPMorgan will also return more than $29 million of the brokerage's funds held by the bank, while releasing claims on $417 million that was previously returned to Giddens. Full Article
Federal Home Loan Mortgage Corp Sues Bank of America Corp, JPMorgan Chase & Co, UBS AG, Credit Suisse Group AG And Other Banks Over Libor-Reuters
Reuters reported that Federal Home Loan Mortgage Corp is suing more than a dozen banks for losses from the alleged manipulation of the benchmark interest rate known as Libor. Bank of America Corp, JPMorgan Chase & Co, UBS AG and Credit Suisse Group AG are among the banks named as defendants in the lawsuit. Freddie Mac, which invested in mortgage bonds and swaps tied to U.S. dollar Libor, claims the banks colluded to rig the benchmark from 2007 to 2010, according to the complaint, which was filed March 14, 2013 in U.S. District Court for the Eastern District of Virginia. Bank of America, JPMorgan Chase, UBS, Credit Suisse and other banks did not immediately respond to calls for comment or declined to comment. Full Article
JPMorgan Chase & Co Declares Common Stock Dividend
JPMorgan Chase & Co announced that it has declared a quarterly dividend of 30 cents per share on the outstanding shares of the corporation’s common stock. The dividend is payable on April 30, 2013, to stockholders of record at the close of business on April 5, 2013. Full Article
JPMorgan Chase & Co Wins Dismissal Of Silver Price-Fixing Lawsuit-Reuters
Reuters reported that JPMorgan Chase & Co has won the dismissal of a nationwide investors' lawsuit accusing the U.S. bank of conspiring to drive down silver prices. U.S. District Judge Robert Patterson in Manhattan said the investors, who bought and sold COMEX silver futures and options contracts, failed to show that JPMorgan manipulated prices at their expense, including by amassing huge short positions that were not justified by market events at the time. In a decision made public on Monday, Patterson said that while the investors showed that JPMorgan had the ability to influence prices, a fact the bank did not dispute, they failed to show that the bank "intended to cause artificial prices to exist" and acted accordingly. The complaint had sought triple damages for what it called JPMorgan's antitrust violations in distorting silver prices between 2007 and 2010, including through alleged "fake" trades late in the day when market volume was thin. Full Article
JPMorgan Chase & Co Declares Preferred Stock Dividend
JPMorgan Chase & Co announced that it has declared a dividend on the outstanding shares of the corporation`s Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series I in the amount of $395.00 per share (which is equivalent to $39.50 per related Depositary Share). The dividend is payable April 30, 2012, to stockholders of record at the close of business on April 1, 2013. Full Article
U.S. Regulator Sides With JPMorgan Chase & Co And Other Three Banks On Avoiding Break-up Votes-Reuters
Reuters reported that U.S. regulators have agreed with four of the country's biggest banks that they will not have to hold shareholder votes at upcoming annual meetings over whether the institutions are too big. The Securities and Exchange Commission rendered its decision in nearly identical letters to JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc and Morgan Stanley that were posted on the agency's web site on Wednesday. The letters said agency lawyers agreed with the banks that they need not conduct shareholder votes on proposals from labor and religious groups calling for bank directors to explore breaking up the companies. The four banks are among the six biggest in the country and are prominent in public arguments over ending too-big-to-fail bailouts. The proposals would have allowed shareholders to call for directors of the banks to appoint committees to consider 'extraordinary transactions', including breaking up the companies. Full Article
Short Seller Sues Bank of America Corp, JPMorgan Chase & Co, Wells Fargo & Co and Carl Icahn Over Alleged Fraud-Reuters
Reuters reported that A short seller in Herbalife Ltd's stock has sued officials at three U.S. banks as well as activist investor Carl Icahn, saying they are helping perpetuate a fraudulent pyramid scheme at the nutritional products company. Daniel Ravicher, a New York lawyer has filed papers in Manhattan federal court seeking to force officers and directors at Bank of America Corp, JPMorgan Chase & Co and Wells Fargo & Co to pull back $1.2 billion of financing for Herbalife. Full Article
JPMorgan Chase & Co To Cut Up To 17,000 Jobs-Reuters
Reuters reported that JPMorgan Chase & Co said, it plans to cut 17,000 jobs by the end of 2014, representing about 6.6% of the Company's overall workforce, as the bank sheds staff that helped it deal with bad home loans. Full Article
JPMorgan Chase & Co May Raise Up To $1.5 Billion Asia Infra Fund-Business Standard
Business Standard reported that JPMorgan Chase & Co is targeting to raise between $1 billion and $1.5 billion in a dedicated fund to invest in core infrastructure assets across Asia, sources familiar with the matter told Reuters on February 22, 2013. The fund, JPMorgan Asian Infrastructure & Related Resources Opportunity Fund II, will invest in transportation, power generation, water and social infrastructure across China, India, Indonesia, the Philippines, Thailand and South Korea, the sources said. Full Article
JPMorgan must face lawsuit challenging mortgage fees
June 14 - JPMorgan Chase & Co must face a lawsuit accusing the largest U.S. bank of illegally imposing marked-up or unnecessary fees on delinquent mortgage borrowers, a federal judge ruled.
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