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US: JPMorgan hit with criminal forex probe

 |  November 4, 2014

The US Department of Justice is investigating JPMorgan Chase and its foreign exchange trading business practices, the bank revealed Monday.

The criminal probe is just the latest to plague JPMorgan, which is already facing scrutiny by the Commodity Futures Trading Commission and other regulators for its trading practices.

The foreign exchange market is the subject of several investigations around the globe; reports emerged earlier this week that the world’s largest financial institutions are likely facing billions in fines from regulatory crackdowns on alleged manipulation of the forex benchmark.

In its federal filing Monday, JPMorgan also revealed that it has set aside about $5.9 billion in assets to cover potential fines and litigation fees.

Full content: The Street

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