Photo: Diego M. Radzinschi/ALM Simpson Thacher Steers JPMorgan Through $125 Million SEC Settlement
The SEC accused JPMorgan of a "widespread and longstanding" failure to preserve employee messages related to its securities business.
December 17, 2021 at 01:10 PM
3 minute read
Simpson Thacher & Bartlett client JPMorgan Chase agreed to pay $200 million in a pair of settlements with federal regulators Friday, admitting it failed to properly preserve employee messages.
The Securities and Exchange Commission accused a broker-dealer subsidiary of the bank called JPMorgan Securities of a "widespread and longstanding failure" to maintain and preserve employee text, email and WhatsApp messages, including among senior executives, related to the firm's securities business. JPMorgan agreed to pay $125 million in the SEC settlement.
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