MOSCOW, November 4 (RIA Novosti) – America’s largest banking company JPMorgan Chase said the US Department of Justice was probing its foreign exchange operations, with legal procedures expected to cost it up to $5.9 billion, Reuters said on Tuesday.
The agency cited JPMorgan as saying in its regulatory filing that US criminal investigators were looking into its spot foreign-exchange trading business and associated controls.
It added the bank has been in talks with the Justice Department but noted there was “no assurance” that these negotiations would eventually lead to a settlement.
JPMorgan Chase is a multinational banking and financial services holding company with assets estimated at a total of $2.5 trillion.
Throughout its 14-year-long history, the company has stood accused of mortgage overcharging, alleged manipulations of the energy market, sanctions violations and obstruction of justice by its employees.