JPMorgan Chase & Co

JPMorgan to pay $153.6 million to the SEC for defrauding investors

June 22, 2011 - 5:26am | Law aspects | News

$153.6 million fine would be paid by JPMorgan Chase & Co to settle the litigation with the US Securities and Exchange Commission. The SEC accused the banking giant of defrauding investors who bought mortgage securities sold just before the nation's housing market collapsed.

The regulator supported its arguments in the complaint with the excerpts from internal communications of JPMorgan that showed bankers sold a collateralized mortgage obligation in 2007 to ensure that it could get credit-scarred mortgage securities off its books.

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Lehman Brothers and JPMorgan Chase close the deal over collateral claims

February 25, 2010 - 10:26am | Law aspects | News

Lehman Brothers settles about $7.68 billion in collateral claims with JPMorgan Chase & Co concerning. According to the court documents, these claims were pending following Lehman's bankruptcy filing in 2008.

Despite, the collateral posted by Lehman had a face value in the billions of dollars, it consisted of illiquid securities whose actual value was difficult to ascertain, as court documents show.

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JPMorgan will set the highest rates on balance transfers

June 24, 2009 - 2:20pm | Banks and internet banks | News

JPMorgan Chase & Co. is increasing some balance-transfer fees on credit cards to the highest among the nation's largest banks – 5%. This step was referred to "new federal regulations." JPMorgan spokesman Paul Hartwick said in a statement e-mailed to customers: "In the current economic environment, our costs of doing business have been impacted by increased losses. We are increasing balance-transfer fees to reflect the increasing costs for these transactions."

JPMorgan Chase & Co | The Credit Card Accountability Responsibility and Disclosure Act

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JPMorgan Chase launches a program to reward cardholders for every dollar

June 4, 2009 - 7:24am | News | Plastic cards

JPMorgan Chase & Co. is planning to launch a new card-rewards program. American Express Co.'s Membership Rewards loyalty program or Citigroup Inc.'s ThankYou Network program served as an example to Chase.

"With all of the challenges in this environment and changes in the economy, we do see that consumers are spending less than they have in the past," said Eileen Serra, president of Chase Card Services.

bonus | Credit card | JPMorgan Chase & Co | shopping | ThankYou Network program

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JPMorgan beats experts' expectations with $1.6 billion profits

April 16, 2009 - 9:16am | Banks and internet banks | News

JPMorgan Chase & Co, the second-largest US bank, reported on Thursday its first-quarter profits were $1.6 billion exceeding thus the forecasted figures. The revenue is up from a loss of $87 million a year earlier, according to the Reuters. Improved investment banking performance offset an increase in losses from credit cards and other consumer debt became a result of the better-than-expected benefits.

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Citigroup, JPMorgan, and Morgan Stanley announce moratorium

February 13, 2009 - 4:26pm | Banks and internet banks | News

Known banks Citigroup Inc, JPMorgan Chase & Co, and Morgan Stanley announced that they will temporarily halt foreclosures on home loans. This will allow some time for the upcoming $50 billion mortgage relief program to take effect on the economy.

Citigroup announced that it will halt foreclosures until March 12, or when a program for modifying mortgages will be settled.

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