JP Morgan Chase & Co. has settled Securities and Exchange Commission allegations that it improperly handled securities that represent foreign company shares. The company will pay $135M. The bank improperly provided American depository receipts to brokers when neither the brokers nor their clients held shares in foreign companies that were required to support such transactions, the SEC said in a Wednesday statement.
The SEC said on Wednesday that the JPMorgan settlement was the eighth enforcement action against a company from the regulator’s probe into "abusive ADR pre-release practices."