NEW YORK (Reuters) – JPMorgan Chase, the largest U.S. bank, will pay $100 million to settle U.S. Securities and Exchange Commission charges its disclosures misled customers who invested in “conduit” products, which pooled customer money to invest in private equity or hedge funds.
The SEC said on Thursday that the payment includes a $10 million civil fine, and $90 million that will be distributed to conduit investors.
JPMorgan also accepted a censure as part of the settlement. It did not admit or deny wrongdoing in agreeing to settle.
(Reporting by Jonathan Stempel in New York)
