Justice Department Investigating J.P. Morgan Over Foreign Exchange Trading

The Department of Justice is leading a criminal investigation into the foreign-exchange trading of J.P. Morgan Chase, the bank announced Monday in a regulatory filing.

Alongside other civil-enforcement regulators, the Justice Department is looking into the bank’s foreign-exchange trading activities and controls related to them, the Wall Street Journal reports.

The bank said it “continues to cooperate with these investigations” but that there is “no assurance that such discussions will result in settlements.”

J.P. Morgan, which is the largest bank in the U.S., estimated that its loses from legal proceedings could top $5.9 billion, as of Sept. 30. Three months earlier, the estimate was $4.6 billion.

[WSJ]