JPMorgan to pay more than $300M in settlement over wealth management conflicts

JPMorgan Chase & Co. will pay more than $300 million to settle U.S. allegations that it didn't disclose its preference for putting clients' money into the bank's own investment products.

America's largest bank by assets admitted that two of its wealth-management subsidiaries — its securities subsidiary and its nationally chartered bank — failed to tell customers it preferred JPMorgan-managed mutual funds and hedge funds from 2008 to 2013, according to the Securities and Exchange Commission.

The SEC announced $267 million in penalties and disgorgements against JPMorgan. The bank agreed to pay an additional $40 million as part of a parallel action by the U.S. Commodity Futures Trading Commission.

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