JPMorgan Chase & Co. has reached a settlement with Indiana regulators related to its asset management business, and now other states are expressing interest in how Indiana built its case.
JPMorgan agreed on July 28 to pay $950,000 to settle claims by the Indiana secretary of state that the bank failed to disclose conflicts of interest to wealthy clients. Andrew Lang, a spokesman for Secretary of State Connie Lawson, said the settlement prompted officials from other states to ask how Indiana had pursued its claim. He wouldn’t identify the states.
“Investors have the right to know all the facts and to receive complete information when deciding to invest,” Lawson said in a written statement last week. “This right extends to a seasoned accredited investor or a novice investor.”
Click here to read more.
SOURCE: Bloomberg
Leave a Reply
You must be logged in to post a comment.