Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
J.P. Morgan & Co. apologizes for backing European Super League plans
Company response
J.P. Morgan & Co. apologized for its role in plans for the European Super League, stating that it had misjudged how the deal would be viewed by the wider football community and its potential impact. The plans had prompted fan protests and widespread opposition. The apology concerned the bank's involvement in the proposed competition, which drew public backlash from supporters and others in the football community.
JP Morgan apologized for its role in plans for the European Super League, saying it had misjudged how the deal would be viewed by the wider football community and its potential impact. The plans had prompted fan protests and widespread opposition.
Company response
Apology — JP Morgan
The bank released a short statement yesterday morning apologising for its role in plans for the league.
Source excerpt
Fan protests and outrage from UEFA, FIFA, leagues, clubs, players and even politicians, made the league a non-starter.
The bank released a short statement yesterday morning apologising for its role in plans for the league.
We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future. We will learn from this.
2021
J.P. Morgan sues five former advisors over client solicitation
Lawsuit filed
J.P. Morgan Securities filed a complaint in federal court alleging that five former advisors violated nonsolicitation agreements by enticing clients to join their new firm. The former advisors' attorney denied the allegations. The dispute concerns client solicitation following the advisors' departure.
J.P. Morgan Securities filed a federal-court complaint alleging that five former advisors violated nonsolicitation agreements by enticing clients to join their new firm. The former advisors' attorney denied the allegations.
Source excerpt
They are not soliciting clients in violation of their agreement and they deny their allegations of the complaint.
The complaint, which was filed in Illinois federal court earlier this week, alleges that Scott Cimo, John Goblet, John Searer, Brian Bellot and Raymond Kermend all resigned their positions as private client advisors at J.P. Morgan earlier this month to join Professional Wealth Advisors (PWA), an LPL Financial team with several offices in Illinois.
J.P. Morgan Securities is claiming in a lawsuit that five former employees violated nonsolicitation agreements by enticing clients to join them at their new firm.
2021
Paris court approves JP Morgan settlement in tax-fraud probe
Settlement
A Paris court approved a settlement with JP Morgan on September 2, 2021, following a probe opened in 2012. French authorities suspected the bank of helping Wendel executives set up a profit-sharing entity that enabled them to avoid taxes on investment gains; the source does not specify the settlement amount or any court finding on the suspicion.
Source excerpt
The financial prosecutors' office said in a statement a Paris court had approved on Thursday, 2 September 2021, the settlement sealed with JP Morgan. The settlement follows a probe opened in 2012.
2021
JPMorgan sues Tesla over warrant contract
Lawsuit filed
J.P. Morgan & Co. sued Tesla, alleging that Tesla did not fully honor an agreement concerning warrants and owed the bank a £120 million shortfall. Tesla argued that JPMorgan's price changes were unnecessary. The dispute centered on the warrant contract between the two parties.
JPMorgan sued Tesla, alleging that Tesla did not fully honor an agreement concerning warrants and owed the bank a £120 million shortfall. Tesla argued that JPMorgan’s price changes were unnecessary.
Source excerpt
Monday’s Southern District of New York complaint contends that Tesla Inc. ignored its obligation to pay JPMorgan for a series of warrant transactions which required Tesla to deliver either stock shares or cash, if when the warrants expired, Tesla’s share price was above the contractual strike price.
JPMorgan Chase Bank, National Association, London Branch (JPMorgan) has sued electric vehicle maker Tesla for breach of contract concerning a tweet its CEO made about returning the company to private ownership.
The suit, filed in a Manhattan federal court, centres on a dispute over how JPMorgan repriced its Tesla warrants as a result of Musk’s notorious 2018 tweet that he was considering taking the carmaker private.
2021
1MDB files asset-recovery lawsuits against bank units
Lawsuit filed
1MDB filed lawsuits at a Kuala Lumpur court against units of Deutsche Bank, J.P. Morgan and Coutts & Co, seeking to recover billions of dollars in alleged losses. The claims include negligence, breach of contract, conspiracy to defraud or injure, and dishonest assistance; the allegations are not determinations of liability.
Stated objective. recover billions in alleged losses
Source excerpt
The claims are premised on "negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance", 1MDB said in the documents, filed at a Kuala Lumpur court on Friday.
1MDB is claiming $1.11 billion from Deutsche Bank (Malaysia) Bhd, $800 million from J.P. Morgan (Switzerland) Ltd and $1.03 billion from a Swiss-based Coutts unit, and interest payments from all of them, according to the lawsuit.
Malaysia's now-defunct 1MDB state fund is suing units of Deutsche Bank, J.P. Morgan and Coutts & Co to recover billions in alleged losses from a corruption scandal at the fund, court documents seen by Reuters showed.
2021
JPMorgan and former advisor agree to temporary injunction
Ruling
JPMorgan and former advisor Michael Bale agreed to a stipulated injunction temporarily barring Bale from soliciting JPMorgan clients while a FINRA arbitration case is pending. The agreement was signed by a judge on February 10. JPMorgan had alleged that Bale violated non-solicitation agreements; the article reports allegations, not a final determination of those claims.
Source excerpt
Judge Madeline Cox Arleo signed the stipulated agreement between Bale and JPMorgan on Feb. 10.
This week the bank and Bale agreed to a stipulated injunction temporarily barring him from soliciting JPMorgan clients to join him at his current firm, pending the outcome of a FINRA arbitration case.
2020
J.P. Morgan settles precious-metals spoofing lawsuit
Settlement
J.P. Morgan settled a lawsuit that accused the bank of manipulating precious-metals markets through spoofing trades. The settlement terms were not disclosed; the allegations are not established as findings in this report.
Source excerpt
The three plaintiffs had accused J. P. Morgan of manipulating the silver futures market from 2010 through 2011 through spoofing trades.
The spoofing lawsuit filed against J.P. Morgan in U.S. District Court in Manhattan, which court documents reveal was settled this summer
Details of the settlement were not disclosed in court filings.
2005
Acknowledgment of slave-collateral practices by predecessor banks
JPMorgan Chase acknowledged that predecessor institutions had received enslaved people as collateral before the Civil War. The company apologized and funded a scholarship program for Black students.