JPMorgan in Advanced Talks to settle Forex Investigation

JPMorgan Chase & Co (JPM.N) said on Tuesday it is in “advanced stages” of settlement talks with the U.S. Department of Justice and Federal Reserve over previously disclosed investigations into its foreign exchange trading.

The company gave the description of the talks in a quarterly filing with the U.S. Securities and Exchange Commission on Tuesday. A Justice spokesman acknowledged that the department has an “active, ongoing investigation,” but declined to comment further.

JPMorgan also estimated its “reasonably possible” legal expenses, in excess of its litigation reserves, at $5.5 billion as of the end of March, down from $5.8 billion at the end of December.

Source: Reuters