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Jpmorgan Said To Pay $900 Million To Settle Whale Probes

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http://www.bloomberg.com/news/2013-09-18/jpmorgan-said-poised-to-pay-900-million-to-settle-whale-probes.html

JPMorgan Chase & Co. (JPM) is poised to pay about $900 million to settle U.S. and U.K. claims that lax internal controls led the bank to provide inaccurate information about last year’s record trading loss to the board, investors and regulators, people with knowledge of the matter said.

The bank is set to announce deals today with four regulators over its handling of the trades by an employee known as the London Whale because his bets were so large, the people said, requesting anonymity because talks were private. Separately, the firm may also pay less than $80 million to settle two watchdogs’ probes tied to consumer lending practices, two people said.

Chief Executive Officer Jamie Dimon, whose pay was cut in half last year after the board said he was partially responsible for faulty oversight of the trades, told employees in a Sept. 17 memo the bank is making an “unprecedented effort” to simplify its business, overhaul controls and improve relations with regulators. The firm has been beset by inquiries this year, including the emergence last month of an investigation into its hiring practices in Asia as well as criminal probes tied to mortgage-bond sales and energy trading.

Will this be the usually type of payoff where no liability is admitted by the company concerned? And the money disappears where?

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