JPMorgan Chase Spends $2,140,000,000 Battling Bank Lawsuits and Federal Agencies in Two Years: Report

New paperwork from JPMorgan Chase reveal how a lot cash the most important financial institution within the US is spending on authorized battles.

The financial institution’s new 8-Ok filings with the U.S. Securities and Change Fee present that the corporate spent $2.14 billion on authorized charges over the previous two years.

That quantities to $1.4 billion for the complete yr in 2023 and $740 million in 2024.

The figures embrace JPMorgan’s latest main settlement with the SEC, wherein the financial institution paid $151 million in mixed civil penalties and voluntary funds to buyers.

The funds put an finish to allegations that the financial institution misled buyers, favored its personal monetary pursuits over clients and engaged in prohibited transactions.

JPMorgan additionally confronted lawsuits associated to Jeffrey Epstein in 2023 and 2024, together with actions from victims and the U.S. Virgin Islands, which resulted in substantial settlements.

The Shopper Monetary Safety Bureau (CFPB) is the newest US company to file a lawsuit towards the financial institution.

Final month, the CFPB sued JPMorgan Chase, together with Financial institution of America, Wells Fargo and Zelle, over an alleged failure to correctly tackle widespread fraud and unauthorized transactions on the Zelle platform.

In June, Chase warned that proposed rules from the CFPB and the Federal Reserve, together with new caps on delinquencies on credit score and debit playing cards and better capital reserves, may immediate the financial institution to eradicate free cost providers.

In complete, JPMorgan has paid greater than $40 billion in fines and settlements to regulators, enforcement businesses and lawsuits associated to anticompetitive practices, securities misuse and different violations.

That is evident from new figures from the general public Violation Tracker, a database for company misconduct that tracks circumstances from the yr 2000 to the current.

In its newest earnings report, Chase stated it posted a revenue of $14 billion within the fourth quarter of 2024, whereas posting its largest annual revenue ever at $58.5 billion.

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