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JPMorgan Chase Admits Reckless Action in London Whale Trades

HeadlineOct 17, 2013

JPMorgan Chase has agreed to pay $100 million and admit its traders acted “recklessly” during a series of damaging deals in London last year. It is the latest in a series of fines over the so-called London Whale trades that cost JPMorgan more than $6 billion and derailed financial markets worldwide. The case marked the first use by the Commodity Futures Trading Commission of a new rule enabled by the Dodd-Frank Act that lowered the bar for proving companies manipulated financial markets.

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