(Bloomberg) -- JPMorgan Chase & Co. agreed to pay $150 million to settle investor claims that it hid from them as much as $6.2 billion in losses caused by a trader dubbed the London Whale.
A group of pension funds accused JPMorgan of turning its chief investment office in London into a “secret hedge fund” that caused the losses. The bank told investors that the office’s primary role was managing risk when in fact it was engaging in trades to generate profit, they said.
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