J.P. Morgan admits wrongdoing, pays $920 million 'Whale' fine »

J.P. Morgan admits wrongdoing, pays $920 million 'Whale' fine » 

J.P. Morgan Chase & Co. JPM +0.99% will pay $920 million in a global settlement related to the "London Whale" scandal to regulators, according to the regulators Friday. The largest payment of $300 million will go to the Office of the Comptroller of the Currency, and J.P. Morgan will pay $200 million each to the Securities and Exchange Commission and the Federal Reserve, and $220 million to the U.K. Financial Conduct Authority. J.P. Morgan also admitted it violated securities laws, as part of the SEC's push to get firms and individuals to confess to wrongdoing. The SEC charged the firm with misstating financial results and lacking effective internal controls to detect and prevent its traders from fraudulently overvaluing investments to conceal hundreds of millions of dollars in trading losses, related to more than $6 billion losses the firm incurred in 2012 over complex derivatives trading. "While grappling with how to fix its internal control breakdowns, J. P. Morgan's senior management broke a cardinal rule of corporate governance and deprived its board of critical information it needed to fully assess the company's problems and determine whether accurate and reliable information was being disclosed to investors and regulators," said George S. Canellos, co-director of the SEC's division of enforcement