JPMorgan Chase Settles Japanese Yen Libor Matter with the European Commission
Company Intends to Defend Itself Against a Separate European Commission Proceeding Related to the Euribor Benchmark Rate
New York, December 4, 2013 - JPMorgan Chase (NYSE: JPM) today announced that it has reached a €79,897,000 settlement with the European Commission regarding the conduct of two former traders during a one-month period in early 2007 related to Yen LIBOR rates.
The settlement makes no finding that JPMorgan Chase management had any knowledge or involvement in the conduct at issue, or that the traders' actions had any impact on the firm's LIBOR submissions or the published LIBOR rates.
Separately, the European Commission announced today that it intends to continue its investigation of JPMorgan Chase in connection with Euro-interest-rate derivatives referenced to the EURIBOR benchmark rate. JPMorgan Chase has cooperated fully with the European Commission throughout its investigation and does not believe that the firm engaged in wrongdoing with respect to the EURIBOR benchmark. The company intends to defend itself fully.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.