JPMorgan to pay more than $135mn for improper handling of ADRs

Shoaib Ur Rehman December 27, 2018

WASHINGTON: JPMorgan Chase & Co will pay over $135 million to settle charges it mishandled so-called “pre-released” American Depositary Receipts (ADRS), the Securities and Exchange Commission announced on Wednesday.

The regulator said the investment bank improperly provided ADRs, which are US securities that represent foreign shares of foreign companies, to brokers even though the brokers and their clients lacked the corresponding foreign shares.

The bank did not admit or deny the SEC’s findings, but agreed to pay back ill-gotten gains and additional penalties, the SEC said.

Copyright Reuters, 2018
 

 

 

 

  • Leave a Reply

    Your email address will not be published. Required fields are marked *





    Close