JPMorgan says it 'possesses the requisite character'

JPMorgan still

JPMorgan says its felony plea for market rigging shouldn’t bar it from owning part of LightSquared, a satellite company emerging from bankruptcy and trying again to set up a mobile broadband service.

Bloomberg News reports that JPMorgan 'possesses the requisite character' demanded by the Federal Communications Commission for holders of airwaves licenses, the bank said in an October 6 filing at the agency. JPMorgan said it was responding to questions from FCC staff.

JPMorgan and other banks in May agreed to plead guilty to felony charges of conspiring to manipulate the price of U.S. dollars and euros.

JPMorgan has paid fines totaling more than $1.8bn and is strengthening internal controls to prevent a recurrence, the bank said in the FCC filing prepared by Wiley Rein, a Washington law firm. The violation wasn’t related to the communications industry and thus isn’t potentially disqualifying, JPMorgan said.

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JPMorgan Says Felony Plea Shouldn't Bar LightSquared Stake

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