Company News

JPMorgan settles spoofing probe for $920 mln -Bloomberg News

Sept 29 (Reuters) - JPMorgan Chase & Co has admitted to wrongdoing and agreed to pay more than $920 million to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities, Bloomberg News reported on Tuesday, citing a statement from the regulator.

The statement would confirm reports by Reuters and other media last week that the U.S. bank was set to pay nearly $1 billion to resolve the market manipulation investigations.

The lender will pay the biggest monetary penalty ever imposed by the Commodity Futures Trading Commission, including a $436.4 million fine, $311.7 million in restitution and more than $172 million in disgorgement, according to the Bloomberg report here.

Spoofing is a practice in which traders place orders they intend to cancel to move prices to benefit their market positions. (Reporting by Abhishek Manikandan in Bengaluru; editing by Patrick Graham)