A subsidiary of JPMorgan Chase & Co. ran a nepotism program on a grand scale in China, Justice Department officials said Thursday, as the bank agreed to pay $264.4 million to settle allegations it hired the sons and daughters of government officials to bribe its way to investment deals.
Targeting the bank’s “Sons and Daughters” program used to curry favor with influential figures, the Justice Department announced an unprecedented enforcement deal under the Foreign Corrupt Practices Act.
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