JPMorgan bankers charged over swaps

Gavel

Two JPMorgan Chase employees were charged in Germany over the sale of swaps to the city of Pforzheim that resulted in 57 million euros ($64 million) of losses, prosecutors said.

Bloomberg News reports that the two men were charged with aiding in aggravated breach of trust for selling 'highly speculative' swaps to the municipality, Mannheim prosecutors said in an e-mailed statement Monday.

The indictment was filed two years after three city officials were charged over the deal.

'City officials weren’t allowed to buy such financial products and the accused allegedly knew that,' prosecutor spokesman Peter Lintz said. 'The bank employees allegedly helped to misinform the city council about the risks of the transactions.'

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JPMorgan Bankers Charged in Germany Over $64 Million in Swap-Sale Losses

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