Whistleblowers Awarded $50 Million by SEC in JPMorgan Case
- The tipsters provided high-quality information, agency says
- Regulator has paid about $376 million to 61 people since 2012
SEC headquarters in Washington, D.C.
Photographer: Andrew Harrer/Bloomberg
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The U.S. Securities and Exchange Commission agreed to pay a total of $50 million to a pair of whistleblowers who provided information that helped the agency win a $267 million settlement with JPMorgan Chase & Co. over claims that the bank failed to inform wealthy clients of conflicts of interest in managing their money.
One of the informants will get $37 million, the third-biggest payout in the history of the SEC’s whistleblower program, the agency said in a statement Tuesday. The SEC didn’t name the company involved or the people getting the awards, citing federal law that protects confidentiality.