Jpmorgan Chase

Washington dealt a double blow Thursday to JPMorgan Chase as a Senate report accused its iconic chief executive of hiding information about a massive loss from regulators while the Federal Reserve unexpectedly said it had found a "weakness" in the bank's capital plans. The twin announcements, both unveiled in the late afternoon, escalates the problems for JPMorgan, the nation's largest bank and arguably its most prestigious. Once viewed as the strongest bank to emerge from the 2008...

As the nation's economy struggled, JPMorgan Chase filed hundreds of lawsuits a day against Americans for credit-card default using erroneous or flimsy evidence, according to a lawsuit filed Thursday by California Attorney General Kamala Harris. The suit alleges that the nation's largest bank ran "a massive debt collection mill" to obtain default judgments and wage-garnishment orders against about 100,000 credit cardholders in California from January 2008 to April 2011. On one day in April 2010, JPMorgan filed 469...

JPMorgan Chase, run by charismatic chief executive Jamie Dimon, has enjoyed a reputation since the financial crisis for being different from other banks: smarter about risk-taking and less likely than its peers to be hauled before lawmakers for grillings on the Hill. Yet the nation's biggest bank is now facing investigations by a number of federal regulatory agencies that are subpoenaing internal documents related to everything from the bank's recent multibillion-dollar trading loss to whether the firm...

SACRAMENTO, Calif. — California's attorney general sued one of the nation's largest banks Thursday, alleging that JPMorgan Chase & Co. used illegal tactics in its efforts to collect debts from more than 100,000 credit card holders. It's the first such lawsuit in the nation, said spokesmen for both the company and the attorney general. The lawsuit filed in Los Angeles Superior Court says the company filed thousands of debt collection lawsuits each month between 2008 and April 2011...

A class-action lawsuit was filed Tuesday against JPMorgan Chase on behalf of investors accusing the bank of misleading shareholders about the $2 billion in trading losses that have roiled the company this week. Lawyers said the bank did not fully disclose the risky nature of JPMorgan's trades. The lawsuit alleges the bank falsely told shareholders that its bets on financial instruments known as derivatives were "hedges" that would help the firm offset overall risk in its portfolio.

The embarrassing losses at megabank JPMorgan Chase reverberated in Washington, Wall Street and on the campaign trail Sunday, with JPMorgan Chase chief executive Jamie Dimon acknowledging that the bank "made a terrible, egregious mistake" by dismissing worrisome signs earlier this year about the bank's trading strategy. JPMorgan, the largest U.S. bank, was poised on Sunday to accept the resignations of three executives involved in the botched...

As the nation's economy struggled, JPMorgan Chase filed hundreds of lawsuits a day against Americans for credit-card default using erroneous or flimsy evidence, according to a lawsuit filed Thursday by California Attorney General Kamala Harris. The suit alleges that the nation's largest bank ran "a massive debt collection mill" to obtain default judgments and wage-garnishment orders against about 100,000 credit cardholders in California from January 2008 to April 2011. On one day in...

A pair of settlements announced Monday will bring Bank of America closer to eliminating its mountain of liabilities stemming from the housing crisis, at a time when the behemoth bank continues to retreat from the mortgage market. Bank of America disclosed a $10.3 billion agreement with Fannie Mae to resolve claims over troubled home loans that saddled the mortgage-finance giant with billions of dollars in losses once they soured. The bank was also named in a separate...

Freddie Mac , the mortgage-funding company operating as a ward of the government, is getting its fourth leader since it was placed under federal conservatorship during the financial meltdown of 2008. Donald H. Layton, 62, who spent almost 30 years at JPMorgan Chase and its predecessor firms and rose to vice chairman, will become Freddie Mac's chief executive later this month, the company said Thursday. Layton was chief executive of E-Trade Financial, an online brokerage, in 2008...

The failure of corporate governance that the University of Virginia [front page, June 23] most recently has demonstrated is part of a contemporary pattern that includes similar lapses at financial giant JPMorgan Chase . Too often persons chosen to serve on corporate boards — whether nonprofit or for-profit — fail to recognize their call to fiduciary duty. They do not undertake the hard work of: (1) understanding the full complexity and challenges of the enterprise, whether education, global financial...

SECURITIES Madoff victims lose their bid to sue SEC Victims of Bernard Madoff's investment fraud have lost their bid to sue the Securities and Exchange Commission for negligence in failing to uncover the swindler's Ponzi scheme. A federal appeals court in New York on Wednesday upheld the dismissal of lawsuits against the regulator brought by Madoff investors. The court said the SEC's actions and "regrettable inaction" were protected by a law that shields federal agencies from...

Last weekend, Cyprus banks — caught short on bond holdings of Greece's debt — reached an agreement with international lenders for a bailout. Part of the deal: Bank depositors with more than $131,000 in their accounts would take a 9.9 percent haircut. Everyone else would see their accounts reduced by 6.75 percent. Cypriots reacted by draining the cash out of ATMs. The European Central Bank is now on high alert, monitoring activity in Greece, Spain and euro-zone countries for evidence that the Cyprus precedent will...

HOUSING Freddie Mac sues banks over Libor fix Freddie Mac has sued 15 big banks, including JPMorgan Chase, Bank of America and Citigroup, accusing them of rigging a key interest rate and causing huge losses for the government-controlled mortgage giant. Freddie filed the lawsuit Thursday in federal court in Alexandria. It names the banks that set the London interbank offered rate, known as Libor, which provides the basis for trillions of dollars in contracts around the world, including...

Washington dealt a double blow Thursday to JPMorgan Chase as a Senate report accused its iconic chief executive of hiding information about a massive loss from regulators while the Federal Reserve unexpectedly said it had found a "weakness" in the bank's capital plans. The twin announcements, both unveiled in the late afternoon, escalates the problems for JPMorgan, the nation's largest bank and arguably its most prestigious. Once viewed as the strongest bank to emerge from the 2008...

On paper, the nation's banks are making a comeback: More money is being set aside in case of trouble, there are fewer losses on loans and there is less reliance on volatile funding. Too bad the markets don't seem to care. Despite the strides banks have made to repair their balance sheets since the financial crisis, their stocks are trading below book value. Wall Street remains skeptical about the overall health of these institutions, even as profits have soared in the past year.

Federal regulators Monday ordered JPMorgan Chase to fix the poor risk management that led to the bank's $6 billion trading loss last year. The bank is also being pressed to improve the way it monitors cash transactions that may have enabled terrorists and drug dealers to launder money. The Office of the Comptroller of the Currency and the Federal Reserve slapped the nation's largest bank with two cease-and-desist orders that call for sweeping changes to the bank's practices. There are no monetary...

The Commodity Futures Trading Commission is investigating the recent multibillion-dollar trading loss at JPMorgan Chase , the agency's head told lawmakers Tuesday. Gary Gensler , chairman of the commission, cited the losses incurred at a JPMorgan office in London to argue for tighter regulation of trading in derivatives — and against carving out a loophole for foreign affiliates of U.S. firms. Both the 2008 financial crisis and the recent trouble "strongly suggest this would be a...

Hackers may stage a massive fraud attack on 30 U.S. national, investment and regional banks early next year, according to a new cybersecurity report. The report, scheduled to be released Thursday by McAfee Labs, warns the financial industry to be wary of software that creates fraudulent online banking transactions. Hackers could create fake bank transactions, or skim a portion of high-dollar bank transfers, the report said. The report links the threat to a program called Project...

A pair of settlements announced Monday will bring Bank of America closer to eliminating its mountain of liabilities stemming from the housing crisis, at a time when the behemoth bank continues to retreat from the mortgage market. Bank of America disclosed a $10.3 billion agreement with Fannie Mae to resolve claims over troubled home loans that saddled the mortgage-finance giant with billions of dollars in losses once they soured. The bank was also named in a separate action as one of 10...

Hackers may stage a massive fraud attack on 30 U.S. national, investment and regional banks early next year, according to a new cybersecurity report. The report, scheduled to be released Thursday by McAfee Labs, warns the financial industry to be wary of software that creates fraudulent online banking transactions. Hackers could create fake bank transactions, or skim a portion of high-dollar bank transfers, the report said. The report links the threat to a program called Project...