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FOR IMMEDIATE RELEASE
July 7, 2011
Contact: Bryan Hubbard
OCC Assesses Civil Money Penalty Against JPMorgan Chase, Requires Restitution to Municipalities Harmed by Bid-Rigging on Financial Products
WASHINGTON — The Office of the Comptroller of the Currency announced today that it has imposed a civil money penalty of $22 million against JPMorgan Chase, N.A., Columbus, Ohio, and required it to pay more than $13 million in unjust enrichment, which includes the Bank's improper gains from the transactions plus prejudgment interest, the Bank received from the sale of certain derivative financial products to various municipalities and non-profit organizations.
The OCC also executed a Formal Agreement with the bank that requires it to develop and implement a detailed plan to enhance and strengthen its policies, procedures and internal controls related to both competitive bid and negotiated derivatives transactions conducted in the particular business unit where the illegal conduct occurred, and to take steps to ensure that adequate policies, procedures and controls are in place related to competitive bidding bank-wide. The agreement also requires the bank to pay more than $13 million in unjust enrichment, which includes the Bank's improper gains from the transactions plus prejudgment interest, to 48 affected municipalities and nonprofit organizations harmed by the bank's misconduct during the period 1999 to June 2005.
The OCC's formal enforcement action against the bank is part of a global resolution of actions coordinated with the U.S. Department of Justice, U.S. Internal Revenue Service, U.S. Securities and Exchange Commission, Federal Reserve Board, and approximately twenty-five State Attorneys General.
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