JPMorgan faces fine
NEW YORK: US regulators fined JPMorgan Chase $307 million on Friday for failing to disclose conflicts of interests to clients when it recommended proprietary investment products over third-party options. From 2008 to 2013, JPMorgan failed to make clear to investment clients numerous conflicts of interests, including its preference for JPMorgan-managed mutual funds over other funds, according to the US Securities and Exchange Commission (SEC). JPMorgan, the biggest US bank by assets, also did not tell investors that some JPMorgan-managed mutual funds offered a less expensive share class than the one recommended, which meant higher revenues for the JPMorgan affiliate. It also did not tell clients that JPMorgan preferred to invest clients in third-party-managed hedge funds that shared management or performance fees with JPMorgan, regulators said.