JPMorgan is expected to strike a settlement with U.S. regulators on Friday to resolve charges over failing to disclose that it preferred putting clients into some of its own funds and other proprietary products, according to people familiar with the matter.
Reuters reports that the bank is expected to pay at least $200m to resolve parallel civil charges by both the Securities and Exchange Commission, as well as the Commodity Futures Trading Commission, one of the people said on Thursday.
At issue is whether JPMorgan's asset management unit preferred putting clients into its own in-house funds, a practice that in turn let the bank earn a fee, another person said. Such arrangements were not properly disclosed, the source told Reuters
JPMorgan previously disclosed the investigation to investors in its SEC filings.
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