JPMorgan close to settling start-up case

Hedge Fund

JPMorgan Chase is close to settling cases that threatened to bar the bank from raising money for hedge funds and technology startups, ending U.S. regulators’ investigations into whether the bank improperly sold some clients in-house investments that carried high fees, according to a person familiar with the negotiations.

Bloomberg News reports that as part of the accords, the bank will secure what’s known as a waiver from the Securities and Exchange Commission that allows it to continue the lucrative practice of fundraising for private companies, said the person who asked not to be identified because the discussions are private.

JPMorgan will be required to pay more than $150 million under the terms of the settlements and could have its waiver on soliciting funds revoked if the bank faces a future misconduct case, the person said.

Hit the link below to access the complete Bloomberg article:

JPMorgan Said to Win Relief in SEC Case on Sale of Its Own Funds

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