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Dec

20

JPMorgan to Pay $307 Million for Steering Clients to Own Funds

By Tony Seruga

A broker settlement is a black mark for JPMorgan Chase’s asset management division.CreditMark Lennihan/Associated Press

JPMorgan Chase has agreed to pay $307 million to settle accusations that it improperly steered clients to the company’s in-house mutual funds and hedge funds.

From 2008 to 2015, brokers and financial advisers in several divisions of JPMorgan gave preference to investment products created by the bank’s asset management division when deciding where to put client money, regulators said on Friday.

In some cases, regulators said, the clients were put into products with higher fees, which earned JPMorgan more money, even when the same JPMorgan product was available for a lower fee…

JPMorgan to Pay $307 Million for Steering Clients to Own Funds

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