WASHINGTON (Reuters) - The U.S. Commodity Futures Trading Commission said on Wednesday it ordered J.P. Morgan Securities LLC to pay $900,000 to settle charges it had failed to properly supervise employees over fees charged to customers trading on the Chicago Mercantile Exchange.
The CFTC said in a statement the company, a unit of JPMorgan Chase & Co (JPM.N), had failed to implement and maintain adequate systems for reconciling invoices from exchange clearinghouses with the amounts of fees actually charged to its customers from 2010 to 2014.
J.P. Morgan Securities overcharged customers by about $7.8 million, the statement said. The company discovered the problem in 2014 and reported it to the CFTC, the commission said.
“We have refunded nearly all affected customers and implemented new systems and pricing arrangements to improve the accuracy of the firm’s exchange fee procedures and process,” JPMorgan Chase spokesman Brian Marchiony said in a statement.
Reporting by Tim Ahmann and Eric Beech; Writing by Eric Walsh; Editing by Tom Brown