JPMorgan Loses $373 Million Arbitration to American Century

JPMorgan Chase & Co. was ordered by arbitrators to pay $373 million to American Century Investments over claims that executives led by Jes Staley enriched the bank at the expense of the fund-management firm.

The award, issued privately in August, focused on JPMorgan’s promise to promote American Century products when the bank acquired the firm’s retirement-plan services unit, or RPS, in 2003.