JPMorgan reached a 151 million SEC settlement against misleading customers

JPMorgan Chase has agreed to pay $151 million to settle five SEC lawsuits, including misrepresentations to clients. The SEC said the largest U.S. bank was putting its customers at risk by not fully disclosing conflicts of interest in various business lines. The settlement includes $61 million in penalties and $90 million in restitution. In the largest case, JPMorgan will refund $90 million to clients for failing to control the sale of shares in “conduit” products, exposing them to market risks. Another $45 million fine addresses a lack of transparency surrounding the bank's promotion of its products over third-party alternatives. While JPMorgan has denied wrongdoing, the bank has agreed to address the SEC's concerns.