JPMorgan Pays $88 Million in Fines for Trading with Enemies
Saturday, September 10, 2011
In agreeing to pay the largest settlement by a bank to date involving sanctions violations, JPMorgan Chase will fork over $88.3 million to the Department of the Treasury.
Treasury officials went after JPMorgan for breaking U.S. embargo laws and trade sanctions, including Global Terrorism Sanctions Regulations and Weapons of Mass Destruction Proliferators Sanctions, in three incidents between 2005 and 2011 that involved Cuba, Iran and Sudan.
In the Cuban case, the bank violated embargo laws by processing $178.5 million in wire transfers for Cuban nationals.
The Iranian violation involved a $2.9 million loan that JPMorgan processed for a bank that had ties to Iran’s government-owned shipping line, which is not allowed under trade sanctions against the country.
Trade sanctions against Sudan also were violated by the bank when it processed wire transfers involving Khartoum.
After JPMorgan agreed to the settlement. the Louisiana Municipal Employees Retirement System filed suit against CEO Jamie Dimon and ten members of the JPMorgan board of directors demanding that they personally repay the bank to cover the fines.
Treasury Department Fines JPMorgan Chase $88.3 Million (by Connor Simpson, Atlantic Wire)
J.P. Morgan Settles for $88.3 Million (by Jamila Trindle, Wall Street Journal)
Pension Fund Wants JPMorgan Bosses to Pay (by Dan McCue, Courthouse News Service)
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