JPMorgan Chase & Co (NYSE: JPM) is set to pay out more than $1 billion in fines for a series of scandals.
The fines come from rulings involving four different authorities in the United States and the U.K., according to Reuters. The largest case resulted in a $920 million fine relating to the “London Whale” trading scandal, while another called for an $80 million fine over the company wrongfully billing credit card customers for identity-theft protection services that they didn't order.
The “London Whale” ruling involved severe payouts to four separate regulators: the Securities and Exchange Commission, the Office of the Comptroller, the Federal Reserve and the Financial Conduct Authority in London. JPMorgan is set to pay out $300 million to the comptroller’s office and $200 million each to the various other authorities.
In a statement, JPMorgan CEO Jamie Dimon said that the company and its executives took responsibility for the trading scandal that ultimately caused the company to lose more than $6.2 billion.
“We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them,” Dimon said in a statement. “Since these losses occurred, we have made numerous changes that have made us a stronger, smarter, better company.”
In a separate ruling, the Consumer Financial Protection Bureau and the comptroller’s office ordered a fine of $80 million over charging credit card customers for identity theft protection they never received. JPMorgan has already paid out an additional $309 million in refunds to customers who were affected.
Eric Brown is an IBTimes reporter who eats far too much pizza. He is a graduate of Mercer University in Macon, Georgia, and currently resides in Brooklyn.