Senate JPMorgan Report Gives SEC Road Map for Potential Lawsuit
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The U.S. Senate probe into JPMorgan Chase & Co. did more than conclude the bank hid the full damage of last year’s trading losses from investors and regulators. It also delivered 900 pages of evidence that could help the Securities and Exchange Commission make the case that bank executives broke the law.
Former SEC Chairman Mary Schapiro said last year that her agency was investigating whether JPMorgan adequately disclosed the losses on a derivatives portfolio that eventually swelled to more than $6.2 billion.