JPMorgan Chase & Co.'s penalties for the "London whale" trading fiasco are expected to total $500 million to $600 million as part of a far-reaching settlement that could wrap up as soon as next month, the Wall Street Journal reported today. The Justice Department, Securities and Exchange Commission, Commodity Futures Trading Commission, Office of the Comptroller of the Currency and the U.K's Financial Conduct Authority are conducting investigations into J.P. Morgan's handling of the episode. Not all agencies have agreed to their final numbers and the total could still be above or below the range. U.S. and U.K. officials for months have been considering the possibility of such a "global" settlement, which would resolve all the probes at once. (Subscription required.)
http://online.wsj.com/article/SB100014241278873234071045790385028943022…
In related news, Javier Martin-Artajo, a former JPMorgan Chase employee accused of hiding trading losses that ultimately reached more than $6 billion, had his first day in court yesterday as he surrendered to Spanish authorities and kicked off what could be a lengthy extradition process, the New York Times DealBook blog reported yesterday. Martin-Artajo, a Spaniard who worked in the bank’s London office, was released soon after his surrender and arrest. He agreed to remain at the disposal of the Spanish judiciary, but it was unclear whether his passport was confiscated to prevent him from leaving the country. The criminal charges stem from a risky bet at JPMorgan’s chief investment office in London, where Martin-Artajo worked.
http://dealbook.nytimes.com/2013/08/27/spanish-authorities-arrest-forme…